**Exhibit99.1**

 

INDEPENDENT AUDITOR’SREPORT

 

To the Partners

Briarwood Apartments, LP

 

We have audited the accompanying balance sheets of BriarwoodApartments, LP as of December 31, 2002 and 2003, and the related statements ofincome, owners’ equity, and cash flows for the years then ended.  These financial statements are theresponsibility of the partnership’s management.  Our responsibility is to express an opinion on these financialstatements based on our audits.

 

We conducted our audits in accordance with auditing standards generallyaccepted in the United States of America. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement.  An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements.  An audit alsoincludes assessing the accounting principles used and significant estimatesmade by management, as well as evaluating the overall financial statementpresentation.  We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of BriarwoodApartments, LP as of December 31, 2002 and 2003, and results of its operations,changes in owners’ equity and cash flows for the years then ended in conformitywith accounting principles generally accepted in the United States of America.

 

 
| HOWE & ASSOCIATES, PC |
|---------------------------|
| Columbia, Missouri        |
| March 11, 2004            |

 

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**Independent Auditor’s Report**

 

To the Partners

Deer Hill II Limited Partnership

Winston-Salem, North Carolina

 

We have audited the accompanying balance sheets of Deer Hill II LimitedPartnership as of December 31, 2003 and 2002, and the related statements ofincome, partners’ equity (deficit), and cash flows for the years then ended.These financial statements are the responsibility of the Partnership’smanagement. Our responsibility is to express an opinion on these financialstatements based on our audits.

 

We conducted our audits in accordance with auditing standards generallyaccepted in the United States of America and the standards applicable tofinancial audits contained in *Government Auditing Standards,*issued bythe Comptroller General of the United States. Those standards require that weplan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of Deer Hill IILimited Partnership as of December 31, 2003 and 2002, and the results of itsoperations and its cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

In accordance with *Government Auditing Standards, we*havealso issued a report dated January 16, 2004 on our consideration of Deer HillII Limited Partnership’s internal control over financial reporting and on ourtests of its compliance with certain provisions of laws, regulations, contractsand grants. That report is an integral part of an audit performed in accordancewith Government *Auditing Standards and*should be read in conjunction withthis report in considering the results of our audit.

 

 
| MCGLADREY & PULLEN, LLP |
|-----------------------------|
| Greensboro, North Carolina  |
| January 16, 2004            |

 

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**INDEPENDENT AUDITOR’S REPORT**

 

To the Partners

King City Elderly Housing Associates

 

We have audited the accompanying balance sheets of the **King CityElderly Housing Associates***(a California Limited Partnership)*as ofDecember 31, 2003 and 2002, and the related statements of operations, partners’equity (deficit), and cash flows for the years then ended.* *These financial statements are the responsibility of thePartnership’s management.  Ourresponsibility is to express an opinion on these financial statements based onour audits.

 

We conducted our audits in accordance with auditing standards generallyaccepted in the United States of America. Those standards require that we planand perform the audits to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of the **King CityElderly Housing Associates** as of December 31, 2003 and 2002, and theresults of its operations, changes in partners’ equity (deficit) and cash flowsfor the years then ended in conformity with accounting principles generallyaccepted in the United States of America.

 

Our audits were made for the purpose of forming an opinion on the basicfinancial statements taken as a whole. The supplemental information ispresented for purposes of additional analysis and is not a required part of thebasic financial statements. Such information has been subjected to the auditingprocedures applied in the audits of the basic financial statements and, in ouropinion, is fairly stated in all material respects in relation to the basic financialstatements taken as a whole.

 

 
| HAYASHI & WAYLAND, ACCOUNTING & CONSULTING |
|----------------------------------------------------|
| King City, CA                                      |
| February 24, 2004                                  |

 

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**INDEPENDENT AUDITOR’S REPORT**

 

To the Partners

LEBANON PROPERTIES II, LP

 

We have audited the accompanying balance sheets of Lebanon PropertiesII, LP as of December 31, 2002 and 2003, and the related statements of income,owners’ equity, and cash flows for the years then ended.  These financial statements are theresponsibility of the partnership’s management.  Our responsibility is to express an opinion on these financialstatements based on our audits.

 

We conducted our audits in accordance with auditing standards generallyaccepted in the United States of America. Those standards require that we planand perform the audits to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of Lebanon PropertiesII, LP as of December 31, 2002 and 2003, and results of its operations, changesin owners’ equity and cash flows for the years then ended in conformity with accountingprinciples generally accepted in the United States of America.

 

 
| Howe & Associates, PC |
|---------------------------|
| Columbia, Missouri        |
| February 16, 2004         |

 

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**INDEPENDENT AUDITORS’REPORT**

 

To the Partners

Metropole Apartments Associates, Ltd.

Boston, Massachusetts

 

We have audited the accompanying Balance Sheets of Metropole ApartmentsAssociates, Ltd. (a Florida Limited Partnership), as of December 31, 2003 and2002, and the related Statements of Income, Partners’ Equity and Cash Flows forthe years then ended. These financial statements are the responsibility ofMetropole Apartments Associates, Ltd.’s management. Our responsibility is toexpress an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with auditing standards generallyaccepted in the United States of America. Those standards require that we planand perform the audits to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of MetropoleApartments Associates, Ltd. as of December 31, 2003 and 2002, and the resultsof its operations, the changes in partners’ equity and cash flows for the yearsthen ended in conformity with accounting principles generally accepted in theUnited States of America.

 

Our audits were made for the purpose of forming an opinion on the basicfinancial statements taken as a whole. The supplemental information ispresented for purposes of additional analysis and is not a required part of thebasic financial statements. Such information has been subjected to the auditprocedures applied in the audits of the basic financial statements and, in ouropinion, is fairly stated in all material respects in relation to the basicfinancial statements taken as a whole.

 

 
| Bloom, Gettis, Habib, Silver & Terrone P.A |
|------------------------------------------------|
| Boston, Massachusetts                          |
| January 20, 2004                               |

 

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**INDEPENDENT AUDITOR’S REPORT**

 

To the Partners

Oak Grove Estates, LP

 

We have audited the accompanying balance sheets of Oak Grove Estates,LP as of December 31, 2002 and 2003, and the related statements of Income,owners’ equity, and cash flows for the years then ended.  These financial statements are theresponsibility of the partnership’s management. Our responsibility is toexpress an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with auditing standards generallyaccepted in the United States of America. Those standards require that we planand perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of Oak Grove Estates,LP as of December 31, 2002 and 2003, and results of its operations, changes inowners’ equity and cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

 
| Howe & Associates, PC |
|---------------------------|
| Columbia, Missouri        |
| February 18, 2004         |

 

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**INDEPENDENT AUDITOR’S REPORT**

 

To the Partners of

Oakview Limited (A Limited Partnership)

Corunna, IN

 

We have audited theaccompanying balance sheets of Oakview Limited (A Limited Partnership) as ofDecember 31, 2003 and 2002, and the related statements of income, partners’equity, and cash flows for the years then ended. These financial statements arethe responsibility of the Partnership’s management. Our responsibility is toexpress an opinion on these financial statements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and the standards applicable to financial audits contained inGovernment Auditing Standards, issued by the Comptroller General of theUnited States, and the U.S. Department of Agriculture, Farmers HomeAdministration “Audit Program”. Those standards require that we plan andperform the audits to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Oakview Limited (A Limited Partnership) asof December 31, 2003 and 2002, and the results of its operations and its cashflows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information on page 10 is presented for purposes ofadditional analysis and is not a required part of the basic financialstatements. Such information has been subjected to the audit procedures appliedin the audit of the basic financial statements and, in our opinion, is fairlystated in all material respects in relation to the basic financial statementstaken as a whole.

 

In accordance with GovernmentAuditing, Standards we have also issued a report dated January 30, 2004 onour consideration of Oakview Limited’s (A Limited Partnership) internal controlover financial reporting and our tests of its compliance with certainprovisions of laws, regulations, contracts and grants. This report is anintegral part of an audit performed in accordance with Government Auditing,Standards and should be read in conjunction with this report in consideringthe results of our audit.

 

 
| Dulin, Ward & DeWald, Inc. |
|--------------------------------|
| Fort Wayne, Indiana            |
| January 30, 2004               |

 

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**INDEPENDENT AUDITOR’S REPORT**

 

To the Partners of

Rosenberg Building Associates Limited Partnership

Mansfield, Massachusetts

 

We have audited the accompanying balance sheets of Rosenberg BuildingAssociates Limited Partnership as of December 31, 2003 and 2002, and therelated statements of operations, partners’ capital, and cash flows for theyears then ended. These financial statements are the responsibility of thePartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

 

We conducted our audits in accordance with auditing standards generallyaccepted in the United States of America. Those standards require that we planand perform the audits to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of Rosenberg BuildingAssociates Limited Partnership as of December 31, 2003 and 2002, and theresults of its operations, changes in partners’ capital, and its cash flows forthe years then ended in conformity with accounting principles generallyaccepted in the United States of America.

 

As discussed in Note 6, the Partnership has a contract with the HousingAuthority of the City of Santa Rosa, California to receive HUD Section 8 rentalassistance for all 77 apartment units at the Project. The contract expires onDecember 31, 2004. HUD has been granting one-year renewals of Section 8 HousingAssistance Payments (HAP) contracts upon their expirations. At the presenttime, it is uncertain whether further renewals will be given by HUD when thecontract expires. As permitted, management intends to renew its HAP contract.

 

Our audits were made for the purpose of forming an opinion on the basicfinancial statements taken as a whole. The additional information included inthis report (shown on pages 17 and 18) is presented for purposes of additionalanalysis and is not a required part of the basic financial statements. Suchinformation has been subjected to the auditing procedures applied in the auditsof the basic financial statements and, in our opinion, is fairly stated in allmaterial respects in relation to the basic financial statements taken as awhole.

 

 
| Ercolini & Company LLP |
|----------------------------|
| Mansfield, Massachusetts   |
| January 29, 2004           |

 

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**Independent Auditor’s Report**

 

To the Partners

Westwood Square Limited Partnership

Winston-Salem, North Carolina

 

We have audited the accompanying balance sheets of Westwood SquareLimited Partnership as of December 31, 2003 and 2002, and the relatedstatements of income, partners’ equity (deficit), and cash flows for the yearsthen ended. These financial statements are the responsibility of thePartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

 

We conducted our audits in accordance with auditing standards generallyaccepted in the United States of America and the standards applicable tofinancial audits contained in Government *Auditing Standards, issued*by the ComptrollerGeneral of the United States. Those standards require that we plan and performthe audit to obtain reasonable assurance about whether the financial statementsare free of material misstatement. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of Westwood SquareLimited Partnership as of December 31, 2003 and 2002, and the results of itsoperations and its cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

In accordance with *Government Auditing Standards,*we havealso issued a report dated January 19, 2004 on our consideration of WestwoodSquare Limited Partnership’s internal control over financial reporting and onour tests of its compliance with certain provisions of laws, regulations,contracts and grants. That report is an integral part of an audit performed inaccordance with *Government Auditing Standards*and should be read inconjunction with this report in considering the results of our audit.

 

 
| McGladrey & Pullen     |
|----------------------------|
| Greensboro, North Carolina |
| January 19, 2004           |

 

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Independent Auditors’Report

 

To the Partners of

Beaver Brook Housing Associates Limited Partnership

 

We have audited theaccompanying balance sheets of Beaver Brook Housing Associates LimitedPartnership (Case No. 34-06-020424443) as of December 31, 2003 and 2002 and therelated statements of income and expense, partners’ deficit, and cash flows forthe years then ended. These financial statements are the responsibility of thePartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and the standards applicable to financial audits contained inGovernment *AuditingStandards,*issued by the Comptroller General of the United States.Those standards require that we plan and perform the audits to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation.We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Beaver Brook Housing Associates LimitedPartnership at December 31, 2003 and 2002 and the results of its operations,its partners’ deficit and its cash flows for the years then ended in conformitywith accounting principles generally accepted in the United States of America.

 

In accordance withGovernment *AuditingStandards,*we have also issued our report dated January 20, 2004 onour consideration of Beaver Brook Housing Associates’ internal control and onits compliance with laws and regulations. That report is an integral part of anaudit performed in accordance with Government *Auditing Standards and*shouldbe read in conjunction with this report in considering the results of ouraudit.

 

Our audits were conductedfor the purpose of forming an opinion on the basic financial statements takenas a whole. The supplemental data included in Schedules 1, 2 3 and 4 ispresented for the purposes of additional analysis and is not a required part ofthe basic financial statements. The supplemental data has been subjected to theauditing procedures applied in the audits of the basic financial statementsand, in our opinion, is fairly stated in all material respects in relation tothe basic financial statements taken as a whole.

 

 
| John G. Burk and Associates        |
|------------------------------------|
| Beaver Brook Housing Associates LP |
| January 20, 2004                   |

 

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INDEPENDENT AUDITORS’REPORT

 

To the Partners

BIG LAKE SENIORS APARTMENTS, LTD.

 

We have audited theaccompanying balance sheets of BIG LAKE SENIORS APARTMENTS, LTD., RHS ProjectNo. 50-92-721198241 as of December 31, 2003, and the related statements ofoperations, partners’ equity (deficit) and cash flows for the year then ended.These financial statements are the responsibility of the partnership’smanagement. Our responsibility is to express an opinion on these financialstatements based on our audit. The financial statements of BIG LAKE SENIORSAPARTMENTS, LTD. as of December 31, 2002, were compiled by other accountants,and their report thereon, dated February 17, 2003, stated they did not audit orreview those financial statements and accordingly, expressed no opinion or anyother form of assurance on them.

 

We conducted our audit inaccordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in *GovernmentAuditing Standards,*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audit provides a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of BIG LAKE SENIORS APARTMENTS, LTD. as ofDecember 31, 2003, and the results of its operations, changes in partners’equity (deficit) and cash flows for the year then ended in conformity withaccounting principles generally accepted in the United States of America.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information presented on pages 15 through 21 ispresented for purposes of additional analysis and is not a required part of thebasic financial statements. Such information has been subjected to the auditingprocedures applied in the audits of the basic financial statements and, in ouropinion, is fairly stated in all material respects in relation to the basicfinancial statements taken as a whole.

 

In accordance with *GovernmentAuditing Standards,*we have also issued our report dated February29, 2004, on our consideration of BIG LAKE SENIORS APARTMENTS, LTD.’s internalcontrol over financial reporting and our tests of its compliance with certainprovisions of laws, regulations, contracts, and grants. That report is anintegral part of an audit performed in accordance with *Government Auditing Standards*andshould be read in conjunction with the report in considering the results of ouraudit.

 

 
| Bond & Tousignant, CPA’s |
|-----------------------------------|
| Monroe, Louisiana                 |
| February 29, 2004                 |

 

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INDEPENDENT AUDITORS’REPORT

 

To the Partners

BLANCO SENIORS APARTMENTS, LTD

 

We have audited theaccompanying balance sheets of BLANCO SENIORS APARTMENTS, LTD, RHS Project No.49-016-0721198046 as of December 31, 2003, and the related statements ofoperations, partners’ equity (deficit) and cash flows for the year then ended.These financial statements are the responsibility of the partnership’smanagement. Our responsibility is to express an opinion on these financialstatements based on our audit. The financial statements of BLANCO SENIORSAPARTMENTS, LTD as of December 31, 2002, were compiled by other accountants,and their report thereon, dated February 20, 2003, stated they did not audit orreview those financial statements and accordingly, expressed no opinion or anyother form of assurance on them.

 

We conducted our audit inaccordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in *GovernmentAuditing Standards,*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audit provides a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of BLANCO SENIORS APARTMENTS, LTD as ofDecember 31, 2003, and the results of its operations, changes in partners’equity (deficit) and cash flows for the year then ended in conformity withaccounting principles generally accepted in the United States of America.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information presented on pages 15 through 21 ispresented for purposes of additional analysis and is not a required part of thebasic financial statements. Such information has been subjected to the auditingprocedures applied in the audits of the basic financial statements and, in ouropinion, is fairly stated in all material respects in relation to the basicfinancial statements taken as a whole.

 

In accordance with *GovernmentAuditing Standards,*we have also issued our report dated February29, 2004, on our consideration of BLANCO SENIORS APARTMENTS, LTD’s internalcontrol over financial reporting and our tests of its compliance with certain provisionsof laws, regulations, contracts, and grants. That report is an integral part ofan audit performed in accordance with *Government Auditing Standards*and shouldbe read in conjunction with the report in considering the results of our audit.

 

 
| Bond & Tousignant, CPA’s |
|-----------------------------------|
| Monroe, Louisiana                 |
| February 29, 2004                 |

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners of

Brooklyn Limited (An Indiana Limited Partnership)

Corunna, IN

 

We have audited the accompanying balance sheets ofBrooklyn Limited (An Indiana Limited Partnership) as of December 31, 2003 and2002, and the related statements of income, partners’ equity, and cash flowsfor the years then ended. These financial statements are the responsibility ofthe Partnership’s management.  Ourresponsibility is to express an opinion on these financial statements based onour audits.

 

We conducted our audits in accordance with auditingstandards generally accepted in the United States of America and the standardsapplicable to financial audits contained in Government Auditing Standards, issuedby the Comptroller General of the United States, and the U.S. Department ofAgriculture, Farmers Home Administration “Audit Program”. Those standardsrequire that we plan and perform the audits to obtain reasonable assuranceabout whether the financial statements are free of material misstatement. Anaudit includes examining, on a test basis, evidence supporting the amounts anddisclosures in the financial statements. An audit also includes assessing theaccounting principles used and significant estimates made by management, aswell as evaluating the overall financial statement presentation. We believethat our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred toabove present fairly, in all material respects, the financial position ofBrooklyn Limited (An Indiana Limited Partnership) as of December 31, 2003 and2002, and the results of its operations and its cash flows for the years thenended in conformity with accounting principles generally accepted in the UnitedStates of America.

 

Our audits were made for the purpose of forming anopinion on the basic financial statements taken as a whole. The supplementalinformation on page 10 is presented for purposes of additional analysis and isnot a required part of the basic financial statements. Such information hasbeen subjected to the audit procedures applied in the audit of the basicfinancial statements and, in our opinion, is fairly stated in all materialrespects in relation to the basic financial statements taken as a whole.

 

In accordance with Government Auditing Standards, wehave also issued a report dated January 30, 2004 on our consideration ofBrooklyn Limited’s (An Indiana Limited Partnership) internal control overfinancial reporting and our tests of its compliance with certain provisions oflaws, regulations, contracts and grants, This report is an integral part of anaudit performed in accordance with Government Auditing Standards andshould be read in conjunction with this report in considering the results ofour audit.

 

 
| Dulin, Ward & DeWald, Inc. |
|--------------------------------|
| Fort Wayne, Indiana            |
| January 30, 2004               |

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners

Corinth HousingRedevelopment Company

 

We have audited theaccompanying balance sheets of Corinth Housing Redevelopment Company as ofDecember 31, 2003 and 2002, and the related statements of operations, partners’equity (deficit), and cash flows for the years then ended. These financialstatements are the responsibility of the Partnership’s management. Ourresponsibility is to express an opinion on the financial statements based onour audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and Government Auditing Standards issued by the ComptrollerGeneral of the United States of America. Those standards require that we planand perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by Management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Corinth Housing Redevelopment Company as ofDecember 31, 2003 and 2002, and the results of its operations and its cashflows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

In accordance with GovernmentAuditing Standards, we have also issued reports dated January 29, 2004 onour consideration of Corinth Housing Redevelopment Company’s internal controlstructure and its compliance with laws and regulations.

 

 
| Fecteau & Company, PLLC |
|-----------------------------|
| Albany, New York            |
| January 29, 2004            |

 

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**INDEPENDENTAUDITORS’ REPORT**

 

To the Partners

Fawn River Apartment Company Limited Partnership

d/b/a Fawn River Apartments

 

We have audited the accompanying balance sheet of Fawn River ApartmentCompany Limited Partnership d/b/a Fawn River Apartments (a partnership) Project#26-078-382856293 as of December 31, 2003 and 2002 and related statements ofoperations, partners’ deficit, and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audit.

 

We conducted our audit in accordance with auditing standards generallyaccepted in the United States of America and **Government Auditing Standards**issuedby the Comptroller General of the United States. Those standards require thatwe plan and perform the audit to obtain reasonable assurance about whetherfinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudit provides a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of Fawn RiverApartment Company Limited Partnership d/b/a Fawn River Apartments Project#26078-382856293 as of December 31, 2003 and 2002, and its operations and cashflows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

In accordance with **Government Auditing Standards,**we have alsoissued a report dated January 23, 2004, on our consideration of Fawn RiverApartment Company Limited Partnership d/b/a Fawn River Apartments Project#26-078-382856293 internal control and a report dated January 23, 2004, on itscompliance with laws and regulations applicable to the financial statements.

 

 
| Flegal & Tibbitts |
|-----------------------|
| Portage, Michigan     |
| January 23, 2004      |
|                  |
| Phone (269) 673-2222  |

 

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**INDEPENDENTAUDITORS’ REPORT**

 

Tothe Partners

Fountain Green Apartments, Ltd.

Panama City, Florida

 

We have audited theaccompanying balance sheets of Fountain Green Apartments, Ltd., a limitedpartnership, USDA, Rural Development Project No: 09-46-592948719, as ofDecember 31, 2003 and 2002 and the related statements of operations, changes inpartners’ deficit and cash flows for the years then ended. These financialstatements are the responsibility of the Partnership’s management. Ourresponsibility is to express an opinion on these financial statements based onour audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and Government Auditing Standards, issued by the ComptrollerGeneral of the United States. Those standards require that we plan and performthe audits to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Fountain Green Apartments, Ltd., atDecember 31, 2003 and 2002, and the results of its operations and changes inpartners’ deficit and cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements, taken as awhole. The supplementary information is presented for the purpose of additionalanalysis and is not a required part of the basic financial statements. Suchinformation has been subjected to the auditing procedures applied in the auditof the basic financial statements and, in our opinion, is fairly presented inall material respects in relation to the basic financial statements taken as awhole.

 

 
| Smith, Miles & Company, P.A |
|---------------------------------|
| Panama City, Florida            |
| February 10, 2004               |

 

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INDEPENDENT AUDITORS’REPORT

 

To the Partners

Garden Lake of Immokalee, Ltd.

 

We have audited the accompanying balance sheets of Garden Lake ofImmokalee, Ltd. (a Florida Limited Partnership), USDA-RD Project No.:09-011-592909207 as of December 31, 2003 and 2002, and the related statementsof operations, partners’ equity and cash flows for the years then ended. Thesefinancial statements are the responsibility of the partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audits.

 

We conducted our audits in accordance with generally accepted auditingstandards and the standards applicable to financial audits contained in GovernmentAuditing Standards, issued by the Comptroller General of the United States.Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation.We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of Garden Lake ofImmokalee, Ltd. (a Florida Limited Partnership), USDA-RD Project No.:09-011-592909207, as of December 31, 2003 and 2002, and the results of itsoperations, changes in partners’ equity and cash flows for the years then endedin conformity with accounting principles generally accepted in the UnitedStates of America.

 

In accordance with Government Auditing Standards, we have alsoissued our report dated February 2, 2004 on our consideration of Garden Lake ofImmokalee, Ltd.’s internal control over financial reporting and our tests ofits compliance with certain provisions of laws, regulations, contracts, andgrants. That report is an integral part of an audit performed in accordancewith Government Auditing Standards and should be read in conjunctionwith this report in considering the results of our audit.

 

Our audits were performed for the purpose of forming an opinion on thebasic financial statements taken as a whole. The supplemental information onpages 14-18 is presented for purposes of additional analysis and is not arequired part of the basic financial statements. Such information has beensubjected to the auditing procedures applied in the audits of the basic financialstatements and, in our opinion, is fairly stated, in all material respects, inrelation to the basic financial statements taken as a whole.

 

 
| James Knutzen & Associates, CPA’s, P.A. |
|--------------------------------------------------|
| Jacksonville, Florida                            |
| February 2, 2004                                 |

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners

**GlennwoodHotel Investors**

**(ACalifornia Limited Partnership)**

Sacramento, California

 

We have audited the accompanying balance sheets of Glennwood HotelInvestors (A California Limited Partnership) as of December 31, 2003 and 2002,and the related statements of income, partners’ equity (deficit), and cashflows for the years then ended.  Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audits.

 

We conducted our audits in accordance with auditing standards generallyaccepted in the United States of America. Those standards require that we planand perform the audits to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of Glennwood HotelInvestors (A California Limited Partnership) as of December 31, 2003 and 2002,and the results of its operations and its cash flows for the years then endedin conformity with accounting principles generally accepted in the UnitedStates of America.

 

 
| Bowman & Company, LLP |
|---------------------------|
| Stockton, California      |
| February 18, 2004         |

 

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**INDEPENDENTAUDITORS’ REPORT**

 

To the Partners

Greenwich Housing Redevelopment Company

 

We have audited the accompanying balance sheets of Greenwich HousingRedevelopment Company as of December 31, 2003 and 2002, and the relatedstatements of operations, partners’ equity (deficit), and cash flows for theyears then ended. These financial statements are the responsibility of thePartnership’s management. Our responsibility is to express an opinion on thefinancial statements based on our audits.

 

We conducted our audits in accordance with auditing standards generallyaccepted in the United States of America and Government Auditing Standards issuedby the Comptroller General of the United States of America. Those standardsrequire that we plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free of material misstatement. An auditincludes examining, on a test basis, evidence supporting the amounts anddisclosures in the financial statements. An audit also includes assessing theaccounting principles used and significant estimates made by Management, aswell as evaluating the overall financial statement presentation. We believethat our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of Greenwich HousingRedevelopment Company as of December 31, 2003 and 2002, and the results of itsoperations and its cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

In accordance with Government Auditing Standards, we have alsoissued reports dated January 29, 2004 on our consideration of Greenwich HousingRedevelopment Company’s internal control structure and its compliance with lawsand regulations.

 

 
| Fecteau & Company, PLLC |
|-----------------------------|
| Albany, New York            |
| January 29, 2004            |

 

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**Independent Auditor’s Report**

 

To the Partners

Grifton Housing Associates

Charlotte, North Carolina

 

We have audited the accompanying balance sheets of Grifton HousingAssociates (a North Carolina limited partnership) as of December 31, 2003 and2002, and the related statements of operations, partners’ equity, and cashflows for the years then ended. These financial statements are theresponsibility of the Partnership’s management. Our responsibility is toexpress an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with U.S. generally acceptedauditing standards and the standards applicable to financial audits containedin *GovernmentAuditing Standards*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audits to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of Grifton HousingAssociates as of December 31, 2003 and 2002, and the results of its operationsand its cash flows for the years then ended in conformity with U.S. generallyaccepted accounting principles,

 

In accordance with *Government Auditing Standards,*we havealso issued our report dated January 31, 2004, on our consideration of thePartnership’s internal control over financial reporting and our tests of itscompliance with certain provisions of laws, regulations, contracts, and grants.That report is an integral part of an audit performed in accordance with *GovernmentAuditing Standards*and should be read in conjunction with thisreport in considering the results of our audits.

 

Our audits were made for the purpose of forming an opinion on the basicfinancial statements taken as a whole. The supplementary information listed inthe table of contents is presented for purposes of additional analysis and isnot a required part of the basic financial statements of the Partnership. Suchinformation has been subjected to the auditing procedures applied in the auditsof the basic financial statements and, in our opinion, is fairly stated in allmaterial respects in relation to the basic financial statements taken as awhole.

 

 
| Bernard Robinson & Company, LLP |
|-------------------------------------|
| Charlotte, NC                       |
| January 31, 2004                    |

 

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INDEPENDENT AUDITORS’REPORT

 

To the Partners

Hacienda Villa Associates, a Limited Partnership

 

We have audited theaccompanying balance sheet of Hacienda Villa Associates, a Limited Partnership,as of December 31, 2003, and the related statements of operations, partners’equity and cash flows for the year then ended. These financial statements arethe responsibility of the partnership’s management. Our responsibility is toexpress an opinion on these financial statements based on our audit.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America. Those standards require that we plan and perform the audit toobtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audit provides a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Hacienda Villa Associates, a LimitedPartnership, as of December 31, 2003, and the results of its operations,changes in partners’ equity and cash flows for the year then ended, inconformity with accounting principles generally accepted in the United Statesof America.

 

Our audit was made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information on pages 13 and 14 is presented forpurposes of additional analysis and is not a required part of the basicfinancial statements. Such information has been subjected to the auditingprocedures applied in the audit of the basic financial statements and, in ouropinion, is fairly stated in all material respects in relation to the basicfinancial statements taken as a whole.

 

 
| Abaci & Garabedian |
|------------------------|
| Fresno, CA             |
| February 11, 2004      |

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners

Haines City Apartments, Ltd.

 

We have audited theaccompanying basic financial statements of Haines City Apartments, Ltd., as ofand for the years ended December 31, 2003 and 2002, as listed in the table of contents.These basic financial statements are the responsibility of the partnership’smanagement. Our responsibility is to express an opinion on these financialstatements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and the standards applicable to financial audits contained in *GovernmentAuditing Standards,*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and the significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, the basicfinancial statements referred to above present fairly, in all materialrespects, the financial position of Haines City Apartments, Ltd. as of December31, 2003 and 2002 and the results of its operations and its cash flows for theyears then ended in conformity with accounting principles generally accepted inthe United States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued our report dated January 26,2004 on our consideration of Haines City Apartments, Ltd.’s internal controlover financial reporting and our tests of its compliance with certainprovisions of laws, regulations, contracts, and grants. That report is anintegral part of an audit performed in accordance with *Government Auditing Standards*andshould be read in conjunction with this report in considering the results ofour audit.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The additional information presented on pages 9 to 14 is presented forthe purposes of additional analysis and is not a required part of the basicfinancial statements. The information on pages 9 to 13 has been subjected tothe auditing procedures applied in the audit of the basic financial statementsand, in our opinion, is fairly stated in all material respects in relation tothe basic financial statements taken as a whole. The information on page 14,which is of a non-accounting nature, has not been subjected to the auditingprocedures applied in the audit of the basic financial statements, and weexpress no opinion on it.

 

 
| Duggan, Joiner & Company |
|------------------------------|
| Ocala, FL                    |
| January 26, 2004             |

 

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INDEPENDENT AUDITORS’REPORT

 

To the Partners

Kristin Park Apartments, Ltd.

and USDA Rural Development

 

We have audited the accompanying balance sheets of Kristin ParkApartments, Ltd. (a limited partnership) as of December 31, 2003 and 2002, andthe related statement of operations, partners’ equity (deficit) and cash flowsfor the years then ended. These financial statements are the responsibility ofthe Partnership’s management. Our responsibility is to express an opinion onthese financial statements based on our audits.

 

We conducted our audits in accordance with auditing standards generallyaccepted in the United States of America and Government Auditing Standards,issued by the Comptroller General of the United States. Those standards requirethat we plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free of material misstatement.  An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financialstatements.  An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statementpresentation.  We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of Kristin ParkApartments, Ltd., as of December 31, 2003 and 2002, and the results of itsoperations and the changes in partners’ equity and cash flows for the yearsthen ended in conformity with accounting principles generally accepted in theUnited States of America.

 

In accordance with Government Auditing Standards, we have alsoissued a report dated January 22, 2004, on our consideration of Kristin ParkApartments, Ltd.’s internal control over financial reporting and our tests ofits compliance with certain provisions of laws, regulations, contracts andgrants. That report is an integral part of an audit performed in accordancewith Government Auditing Standards, and should be read in conjunctionwith this report in understanding the results of our audit.

 

Our audits were conducted for the purpose of forming an opinion on thefinancial statements taken as a whole. The supplemental information included inthe report is presented for purposes of additional analysis and is not arequired part of the financial statements of Kristin Park Apartments, Ltd.,such information has been subjected to the auditing procedures applied in theaudit of the financial statements and, in our opinion, is fairly stated in allmaterial respects in relation to the financial statements taken as a whole.

 

 
| Keystone Accounting, LLC |
|--------------------------|
| Farmington, NM           |
| January 22, 2004         |

 

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Independent Auditors’Report

 

To the Partners

Maywood Associates, Ltd.

A California Limited Partnership

Corning, California

 

We have audited the accompanying balance sheets of Maywood Associates,Ltd., A California Limited Partnership, USDA, Rural Development Project Number04-052-680184284, as of December 31, 2003 and 2002, and the related statementsof operations, changes in partners’ equity (deficit), and cash flows for theyears then ended. These financial statements are the responsibility of thePartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

 

We conducted our audits in accordance with auditing standards generallyaccepted in the United States of America and *Government Auditing Standards*issuedby the Comptroller General of the United States. Those standards require thatwe plan and perform the audits to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of Maywood Associates,Ltd., as of December 31, 2003 and 2002, and the results of its operations,changes in partners’ equity (deficit), and cash flows for the years then ended,in conformity with accounting principles generally accepted in the UnitedStates of America.

 

In accordance with *Government Auditing Standards,*we havealso issued a report dated January 14, 2004 on our consideration of MaywoodAssociates, Ltd.’s internal control structure and a report dated January 14,2004 on its compliance with laws and regulations. Those reports are an integralpart of an audit performed in accordance with *Government Auditing Standards*andshould be read in conjunction with this report in considering the results ofour audits.

 

Our audits were conducted for the purpose of forming an opinion on thebasic financial statements taken as a whole. The accompanying supplementalinformation is presented for purposes of additional analysis and is not arequired part of the basic financial statements of Maywood Associates, Ltd.,Such information has been subjected to auditing procedures applied in ouraudits of the basic financial statements and, in our opinion, is fairly statedin all material respects in relation to the basic financial statements taken asa whole.

 

 
| SJ Gallina & Company, LLP |
|-------------------------------|
| Sacramento, California        |
| January 14, 2004              |

 

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INDEPENDENT AUDITORS’REPORT

 

To the Partners

PLEASANTON, LTD.

 

We have auditedthe accompanying balance sheets of PLEASANTON, LTD., RHS Project No.49-007-721205227, as of December 31,2003, and the related statements ofoperations, partners’ equity (deficit) and cash flows for the year thenended.  These financial statements arethe responsibility of the partnership’s management.  Our responsibility is to express an opinion on these financialstatements based on our audit. The financial statements of PLEASANTON, LTD. asof December 31, 2002, were compiled by other accountants, and their reportthereon, dated March 13, 2003, stated they did not audit or review those financialstatements and accordingly, expressed no opinion or any other form of assuranceon them.

 

We conducted our audit in accordance with auditingstandards generally accepted in the United States of America and the standardsapplicable to financial audits contained in *Government Auditing Standards,*issued bythe Comptroller General of the United States. Those standards require that weplan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well as evaluatingthe overall financial statement presentation. We believe that our auditprovides a reasonable basis for our opinion.

 

In our opinion, the financial statements referred toabove present fairly, in all material respects, the financial position of PLEASANTON,LTD., as of December 31, 2003, and the results of its operations, changes inpartners’ equity (deficit) and cash flows for the years then ended inconformity with accounting principles generally accepted in the United Statesof America.

 

Our audits were made for the purpose of forming anopinion on the basic financial statements taken as a whole. The supplementalinformation presented on pages 15 through 21 is presented for purposes ofadditional analysis and is not a required part of the basic financialstatements. Such information has been subjected to the auditing proceduresapplied in the audits of the basic financial statements and, in our opinion, isfairly stated in all material respects in relation to the basic financialstatements taken as a whole.

 

In accordance with *Government Auditing Standards,*we havealso issued our report dated February 15, 2004, on our consideration ofPLEASANTON, LTD.’s internal control over financial reporting and our tests ofits compliance with certain provisions of laws, regulations, contracts, andgrants. That report is an integral part of an audit performed in accordancewith *GovernmentAuditing Standards*and should be read in conjunction with the reportin considering the results of our audit.

 

 
| Bond & Tousignant, CPA’s |
|-----------------------------------|
| Monroe, Louisiana                 |
| March 19, 2004                    |

 

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INDEPENDENT AUDITOR’SREPORT

 

To the Partners

Raitt Street Apartments, A California Limited Partnership

 

I have audited theaccompanying balance sheets of Raitt Street Apartments, A California LimitedPartnership, as of December 31, 2003 and 2002, and the related statements ofoperations, partners’ equity and cash flows for the year then ended.  These financial statements are theresponsibility of the partnership’s management.  My responsibility is to express an opinion on these financialstatements based on my audits.

 

I conducted my audits inaccordance with auditing standards generally accepted in the United States.Those standards require that I plan and perform the audits to obtain reasonableassurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation.I believe that my audits provide a reasonable basis for my opinion.

 

In my opinion, the accompanying financial statementsreferred to above present fairly, in all material respects, the financialposition of Raitt Street Apartments, A California Limited Partnership, as ofDecember 31, 2003 and 2002, and the results of its operations, the changes inpartners’ equity, and cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

My audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole.  The supplemental information ison page 13 is presented for purposes of additional analysis and is not arequired part of the basic financial statements.  Such information has been subjected to the auditing proceduresapplied in the audit of the basic financial statements and, in my opinion, isfairly stated in all material respects in relation to the basic financialstatements taken as a whole.

 

 
| Schonwit & Associates |
|---------------------------|
| California                |
| January 21, 2004          |

 

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INDEPENDENT AUDITOR’SREPORT

 

To the Partners

School Street Limited Partnership II

Madison, Wisconsin

 

We have audited the accompanying balance sheets of WHEDA Project No.011/001745 of School Street Limited Partnership II as of December 31, 2003 and2002, and the related statements of loss, partners’ equity (deficit) and cashflows for the years then ended. These financial statements are theresponsibility of the project’s management. Our responsibility is to express anopinion on these financial statements based on our audits.

 

We conducted our audits in accordance with auditing standards generallyaccepted in the United States of America. Those standards require that we planand perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of School StreetLimited Partnership II as of December 31, 2003 and 2002 and the results of itsoperations, changes in partners’ equity (deficit) and its cash flows for theyears then ended in conformity with accounting principles generally accepted inthe United States of America.

 

 
| Suby, Von Haden & Associates, S.C. |
|----------------------------------------|
| Madison, Wisconsin                     |
| January 13, 2004                       |

 

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ACCOUNTANTS’ COMPILATION REPORT

 

To the Partners

S.M.A. Limited Partnership (APartnership in Commendam)

d/b/a Springfield ManorApartments

Springfield, Louisiana

 

We have compiled the Form RD1930-8, Multi-Family Housing Borrower Balance Sheet, Part I - Balance Sheet, ofS.M.A. Limited Partnership (A Partnership in Commendam) d/b/a Springfield ManorApartments as of December 31, 2003 and 2002 and the supplementaryinformation contained in Schedules A through J, which are presented only forsupplementary analysis purposes, included in the accompanying prescribed formin accordance with Statements on Standards for Accounting and Review Servicesissued by the American Institute of Certified Public Accountants.

 

Our compilation was limited topresenting in the form prescribed by the USDA information that is therepresentation of management. We have not audited or reviewed the accompanyingfinancial statement or supplementary schedules, referred to above and,accordingly do not express an opinion or any other form of assurance on them.

 

This financial statement andsupplementary schedules are presented in accordance with the requirements ofthe USDA, which differ from generally accepted accounting principles.Accordingly, this financial statement and supplementary schedules are notdesigned for those who are not informed about such differences.

 

 

THOMAS, WILSON, RAGUSA, UFFMAN& CO.

Springfield, Louisiana

February 9, 2004

 

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INDEPENDENT AUDITORS’ REPORT

 

To the Partners

Sunshine Apartments, A LimitedPartnership

Sheridan, Wyoming 82801

 

We have audited theaccompanying****balance sheets of Sunshine Apartments, A Limited Partnership,as of December 31, 2003 and 2002 and the****related statements ofoperations, partners’ equity and cash flows for the years then ended. Thesefinancial statements are the responsibility of the partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audits.

 

We conducted our audits inaccordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in *GovernmentAuditing Standards,*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatements presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

 In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial positions of SunshineApartments, A Limited Partnership as of December 31, 2003 and 2002 and,the results of its operations and its cash flows for the years then ended inconformity with accounting principles generally accepted in the United Statesof America

 

In accordance with GovernmentalAuditing Standards, we have also issued a report dated January 31, 2004 onour consideration of the Sunshine Apartments, A Limited Partnership’s internalcontrol over financial reporting and on our test of its compliance with certainprovisions of laws, regulations, contracts, and grants. Those reports are anintegral part of an audit performed in accordance with Government *AuditingStandards*and should be read in conjunction with this report inconsidering the results of our audit.

 

Our audit was conducted for thepurpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information on page 15 is presented for purposes ofadditional analysis and is not a required part of the basic financialstatements. Such information has been subjected to the auditing proceduresapplied in the audits of the basic financial statements and, in our opinion, isfairly stated in all material respects in relation the basic financialstatements taken as a whole.

 

 

Rucki & Marshall, CPA’s, PC

Sheridan, Wyoming

January 31, 2004

 

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INDEPENDENT AUDITOR’S REPORT

 

To the Partners

Tappahannock Greens LimitedPartnership

 

I have audited the accompanyingbalance sheets of Tappahannock Greens Limited Partnership as ofDecember 31, 2003 and 2002, and the related statements of operations,partners’ equity and cash flows for the years then ended. These financialstatements are the responsibility of the Partnership’s management. Myresponsibility is to express an opinion on these financial statements based onmy audits.

 

I conducted my audits inaccordance with generally accepted auditing standards and *Government Auditing Standards*issuedby the Comptroller General of the United States, and the U.S. Department ofAgriculture, Farmers Home Administration Audit Program. Those standards requirethat I plan and perform the audits to obtain reasonable assurance about whetherthe financial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. I believe that myaudits provide a reasonable basis for my opinion.

 

In my opinion, the financialstatements referred to above present fairly, in all material respects, thefinancial position of Tappahannock Greens Limited Partnership as ofDecember 31, 2003 and 2002, and the results of its operations, changes inpartners’ equity, and its cash flows for the years then ended in conformitywith generally accepted accounting principles.

 

In accordance with *GovernmentAuditing Standards,*I have also issued my, report datedFebruary 15, 2004 on our consideration of Tappahannock Greens LimitedPartnership’s internal control over financial reporting and on my tests of itscompliance with certain provisions of laws and regulations.

 

 

Thomas C. Cunningham, CPA

Tappahannock Greens

February 15, 2004

 

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**INDEPENDENT AUDITORS’REPORT**

 

 

To the Partners

Village Oaks Apartments II,Ltd.

Panama City, Florida

 

We have audited the accompanying balance sheets of Village OaksApartments II, Ltd., a limited partnership, USDA, Rural Development Project No:09-061-0592884971, as of December 31, 2003 and 2002 and the relatedstatements of operations, changes in partners’ deficit and cash flows for theyears then ended. These financial statements are the responsibility of thePartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

 

We conducted our audits in accordance with auditing standards generallyaccepted in the United States of America and Government Auditing Standards, issuedby the Comptroller General of the United States. Those standards require thatwe plan and perform the audits to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of Village OaksApartments II, Ltd., at December 31, 2003 and 2002, and the results of itsoperations and changes in partners’ deficit and cash flows for the years thenended in conformity with accounting principles generally accepted in the UnitedStates of America.

 

Our audits were made for the purpose of forming an opinion on the basicfinancial statements, taken as a whole. The supplementary information ispresented for the purpose of additional analysis and is not a required part ofthe basic financial statements. Such information has been subjected to theauditing procedures applied in the audit of the basic financial statements and,in our opinion, is fairly presented in all material respects in relation to thebasic financial statements taken as a whole.

 

 

SMITH, MILES & COMPANY, P.A

Panama City, Florida

February 10, 2004

 

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**INDEPENDENT AUDITORS’REPORT**

 

To the Partners

Westside Associates LimitedPartnership

Mansfield, Massachusetts

 

We have audited theaccompanying balance sheet of Westside Associates Limited Partnership, ProjectNo. RI 434023310, as of December 31, 2003, and the related statements ofoperations, changes in partners’ equity and cash flows for the year then ended.These financial statements are the responsibility of Westside AssociatesLimited Partnership’s management. Our responsibility is to express an opinionon these financial statements based on our audit.

 

We conducted our audit inaccordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in *GovernmentAuditing Standards,*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audit provides a reasonable basisfor our opinion.

 

In our opinion, the financialstatements referred to above present fairly, in all material respects, thefinancial position of Westside Associates Limited Partnership as ofDecember 31, 2003, and the results of its operations and its cash flowsfor the year then ended in conformity with accounting principles generallyaccepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also a report dated February 20,2004 on our tests of Westside Associates Limited Partnership’s compliance withcertain provisions of laws, regulations, contracts and grants. This report isan integral part of the audit performed in accordance with *Government Auditing Standards*andshould be read in conjunction with this report in considering the results ofour audit.

 

Our audit was conducted for thepurpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information included in the schedules (shown on pages15 through 21) is presented for purposes of additional analysis and is not arequired part of the basic financial statements. Such information has beensubjected to the auditing procedures applied in the audit of the basicfinancial statements and, in our opinion, is fairly stated, in all materialrespects, in relation to the basic financial statements taken as a whole.

 

 

RESTIVO MONACELLI, LLP

Mansfield, Massachusetts

February 20, 2004

 

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**INDEPENDENT AUDITOR’SREPORT**

 

To the Partners

Westwood Square LimitedPartnership

Winston-Salem, North Carolina

 

We have audited theaccompanying balance sheets of Westwood Square Limited Partnership as ofDecember 31, 2003 and 2002, and the related statements of income,partners’ equity (deficit) and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnership’s management. Ourresponsibility is to express an opinion on these financial statements based onour audits.

 

We conducted our audits inaccordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in *GovernmentAuditing Standards*, issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, the financialstatements referred to above present fairly, in all material respects, thefinancial position of Westwood Square Limited Partnership as ofDecember 31, 2003 and 2002, and the results of its operations and its cashflows for the year then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards*, we have also issued a report datedJanuary 19, 2004 on our consideration of Westwood Square LimitedPartnership’s internal control over financial reporting and on our tests of itscompliance with certain provisions of laws, regulations, contracts and grants.That report is an integral part of an audit performed in accordance withGovernment Auditing Standards and should be read in conjunction with thisreport in considering the results of our audit.

 

 

McGladrey & Pullen, CPA’s

Greensboro, North Carolina

January 19, 2004

 

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**INDEPENDENT AUDITORS’REPORT**

 

 

To the Partners

Wilmington HousingRedevelopment Company

 

We have audited theaccompanying balance sheets of Wilmington Housing Redevelopment Company as ofDecember 31, 2003 and 2002, and the related statements of operations,partners’ equity (deficit), and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on the financial statements basedon our audits.

 

We conducted our audits inaccordance with auditing standards generally accepted in the United States ofAmerica and Government Auditing Standards issued by the ComptrollerGeneral of the United States of America. Those standards require that we planand perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures in thefinancial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by Management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, the financialstatements referred to above present fairly, in all material respects, thefinancial position of Wilmington Housing Redevelopment Company as ofDecember 31, 2003 and 2002, and the results of its operations and its cashflows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

In accordance with GovernmentAuditing Standards, we have also issued reports dated January 29, 2004on our consideration of Wilmington Housing Redevelopment Company’s internalcontrol structure and its compliance with laws and regulations.

 

 

FECTEAU & COMPANY, PLLC

Albany, New York

January 29, 2004

 

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INDEPENDENT AUDITORS’ REPORT

 

To the Partners

Briarwood of Middleburg, Ltd.

 

We have audited theaccompanying balance sheets of Briarwood of Middleburg, Ltd. (a FloridaLimited. Partnership), USDA-RD Project No.: 09-010-592834810 as ofDecember 31, 2003 and 2002, and the related statements of operations,partners’ equity and cash flows for the years then ended. These financialstatements are the responsibility of the partnership’s management. Ourresponsibility is to express an opinion on these financial statements based onour audits.

 

We conducted our audits inaccordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in GovernmentAuditing Standards, issued by the Comptroller General of the United States.Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation.We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financialstatements referred to above present fairly, in all material respects, thefinancial position of Briarwood of Middleburg, Ltd. (a Florida LimitedPartnership), USDA-RD Project No.: 09-010-592834810, as of December 31,2003 and 2002, and the results of its operations, changes in partners’ equityand cash flows for the years then ended in conformity with accountingprinciples generally accepted in the United States of America.

 

In accordance with GovernmentAuditing Standards, we have also issued our report dated February 2,2004 on our consideration of Briarwood of Middleburg, Ltd.’s internal controlover financial reporting and our tests of its compliance with certainprovisions of laws, regulations, contracts, and grants. That report is anintegral part of an audit performed in accordance with Government AuditingStandards and should be read in conjunction with this report n consideringthe results of our audit.

 

Our audits were performed forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information on pages 14-18 is presented for purposes ofadditional analysis and is not a required part of the basic financialstatements. Such information has been subjected to the auditing proceduresapplied in the audits of the basic financial statements and, in our opinion, isfairly stated, in all material respects, in relation to the basic financialstatements taken as a whole.

 

 

James Knutzen & Associates,C.P.A.’s, P.A.

Jacksonville, Florida

February 2, 2004

 

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INDEPENDENT AUDITORS’ REPORT

 

To the Partners

Candlewick Place, Ltd.

Monroeville, Alabama

 

We have audited theaccompanying balance sheets of Candlewick Place, Ltd. a limited partnership,RHS Project No.: 01-050-631017825 as of December 31, 2003 and 2002, andthe related statements of operations, partners’ capital and cash flows for theyears then ended. These financial statements are the responsibility of thepartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

 

We conducted the audits inaccordance with auditing standards generally accepted in the United States ofAmerica and *GovernmentAuditing Standards*issued by the Comptroller General of the UnitedStates, and the U.S. Department of Agriculture, Farmers Home AdministrationAudit Program. Those standards require that we plan and perform the audits toobtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that the audits provide a reasonable basisfor our opinion.

 

In our opinion, the financialstatements referred to above present fairly, in all material respects, thefinancial position of Candlewick Place, Ltd. RHS Project No.: 01-050-631017825as of December 31, 2003 and 2002, and the results of its operations andits cash flows for the years then ended in conformity with accountingprinciples generally accepted in the United States of America,

 

The audits were made for thepurpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information on pages 10 through 13 is presented forpurposes of additional analysis and is not a required part of the basicfinancial statements. The supplemental information presented in the MultipleFamily Housing Borrower Balance Sheet (Form FmHA 1930-8) Parts I and II for theyear ended December 31, 2003 and 2002, is presented for purposes ofcomplying with the requirements of the Rural Housing Services and is also not arequired part of the basic financial statements. Such information has beensubjected to the audit procedures applied in the audit of the basic financialstatements and, in our opinion is fairly stated in all material respects in relationto the basic financial statements taken as a whole.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report datedJanuary 29, 2004 on our consideration of Candlewick Place, Ltd.’s internalcontrol over financial reporting and on our tests of its compliance withcertain provisions of laws and regulations. That report is an integral part ofan audit performed in accordance with *Government Auditing Standards*and shouldbe read in conjunction with this report in considering the results of ouraudit.

 

 

DONALD W. CAUSEY &ASSOCIATES, P.C.

Gadsden, Alabama

January 29, 2004

 

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**INDEPENDENT AUDITORS’REPORT**

 

To the Partners

Cedarstone Apartments, Ltd.

Poplarville, Mississippi

 

We haveaudited the accompanying balance sheets of Cedarstone Apartments, Ltd., alimited partnership, RHS Project No.: 28-055-026239203 as of December 31,2003 and 2002, and the related statements of operations, partners’ capital andcash flows for the years then ended. These financial statements are the responsibilityof the partnership’s management. Our responsibility is to express an opinion onthese financial statements based on our audits.

 

We conductedthe audits in accordance with auditing standards generally accepted in theUnited States of America and *Government Auditing Standards*issued bythe Comptroller General of the United States, and the U.S. Department ofAgriculture, Farmers Home Administration Audit Program. Those standards requirethat we plan and perform the audits to obtain reasonable assurance aboutwhether the financial statements are free of material misstatement. An auditincludes examining, on a test basis, evidence supporting the amounts anddisclosures in the financial statements. An audit also includes assessing theaccounting principles used and significant estimates made by management, aswell as evaluating the overall financial statement presentation. We believethat the audits provide a reasonable basis for our opinion.

 

In ouropinion, the financial statements referred to above present fairly, in allmaterial respects, the financial position of Cedarstone Apartments, Ltd., RHSProject 28-055-026239203 as of December 31, 2003 and 2002, and the resultsof its operations and its cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

The auditswere made for the purpose of forming an opinion on the basic financialstatements taken as a whole. The supplemental information on pages 10 through12 is presented for purposes of additional analysis and is not a required partof the basic financial statements. The supplemental information presented inthe Multiple Family Housing Borrower Balance Sheet (Form FmHA 1930-8) Parts Iand 11 for the year ended December 31, 2003 and 2002, is presented forpurposes of complying with the requirements of the Rural Housing Services andis also not a required part of the basic financial statements. Such informationhas been subjected to the audit procedures applied in the audit of the basicfinancial statements and, in our opinion is fairly stated in all materialrespects in relation to the basic financial statements taken as a whole.

 

In accordancewith *GovernmentAuditing Standards,*we have also issued a report datedJanuary 29, 2004 on our consideration of Cedarstone Apartments, Ltd.’sinternal control over financial reporting and on our tests of its compliancewith certain provisions of laws and regulations. That report is an integralpart of an audit performed in accordance with *Government Auditing Standards*andshould be read in conjunction with this report in considering the results ofour audit.

 

 

DONALD W. CAUSEY &ASSOCIATES, P.C.

Gadsden, Alabama

January 29, 2004

 

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INDEPENDENT AUDITORS’ REPORT

 

To the Partners

Housing Investors Athens II,Ltd.

Athens, Alabama

 

We have audited theaccompanying balance sheet of Housing Investors Athens II, Ltd., as ofDecember 31, 2003, and the related statements of operations, partners’deficit, and cash flows for the year ended December 31, 2003. Thesefinancial statements are the responsibility of Housing Investors Athens II,Ltd. Our responsibility is to express an opinion on these financial statementsbased on our audit. The financial statements of Housing Investors Athens II,Ltd. for**theyear ended December 31, 2002 were audited by other auditors whose report,dated February 11, 2003, expressed an unqualified opinion on thosestatements.

 

We conducted our audit inaccordance with auditing standards generally accepted in the United States of Americaand the standards applicable to financial audits contained in *GovernmentAuditing Standards,*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audit provides a reasonable basisfor our opinion.

 

In our opinion, the financialstatements referred to above present fairly, in all material respects, thefinancial position of Housing Investors Athens II, Ltd., as ofDecember 31, 2003, and the results of its operations, changes in partners’deficit and cash flows for the years then ended in conformity with accountingprinciples generally accepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards,*we**have also issued a report datedFebruary 20, 2004, on our consideration of Housing Investors Athens II,Ltd. internal control structure, and a report dated February 20, 2004, onits compliance with laws and regulations.

 

 

DONALDSON, HOLMAN & WEST,P.C.

Athens, Alabama

February 20, 2004

 

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**INDEPENDENT AUDITOR’SREPORT**

 

To the partners

Ironton Estates, LP

 

We have audited theaccompanying balance sheets of Ironton Estates, LP as of December 31, 2002and 2003, and the related statements of income, owners’ equity and cash flowsfor the years then ended. These financial statements are the responsibility ofthe partnership’s management.  Ourresponsibility is to express an opinion on these Financial statements based onour audits.

 

We conducted our audits inaccordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement.  An auditincludes examining, on a test basis, evidence supporting the amounts anddisclosures in the financial statements. An audit also includes assessing theaccounting principles used and significant estimates made by management, aswell as evaluating the overall presentation. We believe that our audits providea reasonable basis for our opinion.

 

In our opinion, the financialstatements referred to above present fairly, in all material respects, thefinancial position of Ironton Estates, LP as of December 31, 2002 and2003, and results of’ its operations, changes in owners’ equity and cash flowsfor the years then ended in conformity with accounting principles generallyaccepted in the United States of’ America.

 

 

Howe & Associates, PC

Columbia, Missouri

February 18, 2004

 

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INDEPENDENT AUDITOR’S REPORT

 

To the Partners

Maidu Properties

(A California LimitedPartnership)

Rocklin, California

 

 

I have audited the accompanyingbalance sheets of Maidu Properties (A California Limited Partnership), as ofDecember 31, 2002 and 2003, and the related statements of income,partners’ equity and cash flows for the years then ended. These financialstatements are the responsibility of the partnership’s management.  My responsibility is to express an opinionon these Financial statements based on my audits.

 

I conducted my audits inaccordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that I plan and perform the audits to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as******well as evaluating the overall financial statementpresentation. I believe that my audit provides a reasonable basis for myopinion.

 

In my opinion, the financialstatements referred to above present fairly, in all material respects, thefinancial position of Maidu Properties (A California Limited Partnership), asof December 31, 2002 and 2003, and results of’ its operations, changes inowners’ equity and cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of’ America.

 

My audits were made for thepurpose of forming an opinion on the basic financial statements taken as awhole. The supplementary information for the years ended December 31, 2003and 2002, on pages 12 and 13, is presented for purposes of additional analysisand is not a required part of the basic financial statements. Such informationhas been subjected to the audit procedures applied in the audits of the basicfinancial statements and, in my opinion, is fairly stated in all materialrespects in relation to the basic financial statements taken as a whole.

 

 

Bernard E. Rea, CPA

Rocklin, California

February 11, 2004

 

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INDEPENDENT AUDITORS’ REPORT

 

To the Partners

Stratford Square, LimitedPartnership

Brundidge, Alabama

 

We have audited theaccompanying balance sheets of Stratford Square, Limited Partnership, a limitedpartnership, RHS Project No.: 01-055-631074651**as of December 31,2003 and 2002, and the related statements of operations, partners’ capital andcash flows for the years then ended. These financial statements are theresponsibility of the partnership’s management. Our responsibility is toexpress an opinion on these financial statements based on our audits.

 

We conducted the audits inaccordance with auditing standards generally accepted in the United States ofAmerica and *GovernmentAuditing Standards*issued by the Comptroller General of the UnitedStates, and the U.S. Department of Agriculture, Farmers Home AdministrationAudit Program. Those standards require that we plan and perform the audits toobtain reasonable assurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation.We believe that the audits provide a reasonable basis for our opinion.

 

In our opinion, the financialstatements referred to above present fairly, in all material respects, thefinancial position of Stratford Square, Limited Partnership, RHS Project No.:01-055-631074651**as of December 31*,*2003 and 2002, and the results of itsoperations and its cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

The audits were made for thepurpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information on pages 11 through 14**is presented for purposesof additional analysis and is not a required part of the basic financialstatements. The supplemental information presented in the Multiple FamilyHousing Borrower Balance Sheet (Form FmHA 1930-8) Parts I and II for the yearended December 31, 2003 and 2002, is presented for purposes of complyingwith the requirements of the Rural Housing Services and is also not a requiredpart of the basic financial statements. Such information has been subjected tothe audit procedures applied in the audit of the basic financial statementsand, in our opinion is fairly stated in all material respects in relation tothe basic financial statements taken as a whole.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report datedJanuary 28, 2004 on our consideration of Stratford Square, LimitedPartnership’s internal control over financial reporting and on our tests of itscompliance with certain provisions of laws and regulations. That report is anintegral part of an audit performed in accordance with *Government Auditing Standards*andshould be read in conjunction with this report in considering the results ofour audit.

 

 

DONALD W. CAUSEY &ASSOCIATES, P.C.

Gadsden, Alabama

January 28, 2004

 

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INDEPENDENT AUDITOR’S REPORT

 

To the Partners

STOCKTON ESTATES, LP

 

We have audited the accompanyingbalance sheets of Stockton Estates, LP**as of December 31, 2003 and 2002,and the related statements of operations, owners’ equity and cash flows for theyears then ended. These financial statements are the responsibility of thepartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

 

We conducted our audits inaccordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, the financialstatements referred to above present fairly, in all material respects, thefinancial position of Stockton Estates, LP**as of December 31*,*2003and 2002, and the results of its operations, changes in owners’ equity and cashflows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

 

Howe & Associates, PC

Columbia, Missouri

April 20, 2004

 

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INDEPENDENT AUDITORS’ REPORT

 

To the Partners

Summer Glen of Immokalee, Ltd.

 

We have audited theaccompanying balance sheets of Summer Glen of Immokalee Ltd, (a Florida LimitedPartnership), USDA-RD Project No.: 09-011-593009333 as of December 31,2003 and 2002, and the related statements of operations, partners’ equity andcash flows for the years then ended. These financial statements are theresponsibility of the partnership’s management. Our responsibility is toexpress an opinion on our audits.

 

We conducted our audits inaccordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in GovernmentAuditing Standards, issued by the Comptroller General of the United States.Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation.We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financialstatements referred to above present fairly, in all material respects, thefinancial position of Summer Glen of Immokalee, Ltd., (A Florida LimitedPartnership), USDA-RD Project No.: 09-011-593009333,**as of December 31*,*2003and 2002, and the results of its operations, changes in partners’ equity andcash flows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

In accordance with GovernmentAuditing Standards*,*we have also issued a report datedFebruary 2, 2004 on our consideration of Summer Glen of Immokalee, Ltd’sinternal control over financial reporting and on our tests of its compliancewith certain provisions of laws, regulations, contracts and grants. That reportis an integral part of an audit performed in accordance with GovernmentAuditing Standards**and should be read in conjunction withthis report in considering the results of our audit.

 

Our audits were performed forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information on pages 13-18 is presented for purposes ofadditional analysis and is not a required part of the basic financialstatements. Such information has been subjected to the auditing proceduresapplied in the audits of the basic financial statements and, in our opinion, isfairly stated, in all material respects, in relation to the basic financialstatements taken as a whole.

 

 

James Knutzen & Associates,C.P.A.’s, P.A.

Jacksonville, Florida

February 2, 2004

 

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**Independent Auditor’sReport**

 

To the Partners

Academy Hill LimitedPartnership

Winston-Salem, North Carolina

 

We have audited theaccompanying balance sheets of Academy Hill Limited Partnership as ofDecember 31, and 2002, and the related statements of income, partners’deficit, and cash flows for the years then ended. These financial statementsare the responsibility of the Partnership’s management. Our responsibility isto express an opinion on these financial statements based on our audits.

 

We conducted our audits inaccordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained inGovernment Auditing Standards, issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, the financialstatements referred to above present fairly, in all material respects, thefinancial position of Academy Hill Limited Partnership as of December 31,2003 and 2002, and the results of its operations and its cash flows for the yearsthen ended in conformity with accounting principles generally accepted in theUnited States of America.

 

In accordance with Government *AuditingStandards,*we have also issued a report dated January 15, 2004on our consideration of Academy Hill Limited Partnership’s internal controlover financial reporting and on our tests of its compliance with certainprovisions of laws, regulations, contracts and grants. That report is anintegral part of an audit performed in accordance with Government *AuditingStandards*and should be read in conjunction with that report inconsidering the results of our audit.

 

 

MCGLADREY & PULLEN

Greensboro, North Carolina

January 15, 2004

 

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Independent Auditors’ Report

 

To the Partners

Buckeye Senior, Ltd.

and USDA Rural Development

 

We have audited theaccompanying balance sheets of Buckeye Senior, Ltd. (a limited partnership) asof December 31, 2003 and 2002, and the related statements of operations,partners’ equity (deficit) and cash flows for the years then ended. These financialstatements are the responsibility of the Partnership’s management. Ourresponsibility is to express an opinion on these financial statements based onour audits.

 

We conducted our audits inaccordance with auditing standards generally accepted in the United States ofAmerica and Government Auditing Standards, issued by the ComptrollerGeneral of the United States. Those standards require that we plan and performthe audit to obtain reasonable assurance about whether the financial statementsare free of material misstatement. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, the financialstatements referred to above present fairly, in all material respects, thefinancial position of Buckeye Senior, Ltd. as of December 31, 2003 and2002, and the results of its operations and the changes in partners’ equity(deficit) and cash flows for the years then ended in conformity with accountingprinciples generally accepted in the United States of America.

 

In accordance with GovernmentAuditing Standards, we have also issued a report dated January 19,2004, on our consideration of Buckeye Senior, Lid’s internal control overfinancial reporting and our tests of its compliance with certain provisions oflaws, regulations, contracts and grants. That report is an integral part of anaudit performed in accordance with Government Auditing Standards, andshould be read in conjunction with this report in understanding the results ofour audit.

 

Our audits were conducted forthe purpose of forming an opinion on the financial statements taken as a whole.The supplemental information included in the report is presented for purposesof additional analysis and is not a required part of the financial statementsof Buckeye Senior, Ltd. Such information has been subjected to the auditingprocedures applied in the audit of the financial statements and, in ouropinion, is fairly stated in all material respects in relation to the financialstatements taken as a whole.

 

 

KEYSTONE ACCOUNTING, LLC

Farmington, NM

January 19, 2004

 

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INDEPENDENT AUDITORS’ REPORT

 

Coronado Housing LimitedPartnership

Miracle Square

2601 North Oracle Road

Tucson, Arizona   85705

 

We have audited theaccompanying balance sheet of Coronado Housing Limited Partnership as ofDecember 31, 2003, and the related statements of income, partners’ equity,and cash flows for the year then ended. These financial statements are the responsibility of the Partnership’smanagement. Our responsibility is to express an opinion on these financialstatements based on our audit.

 

We conducted our audit inaccordance with generally accepted auditing standards in the United States ofAmerica. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audit provides a reasonable basisfor our opinion.

 

In our opinion, the financialstatements referred to above present fairly, in all material respects, thefinancial position of Coronado Housing Limited Partnership as ofDecember 31, 2003 and the results of its operation and its cash flows forthe year then ended in conformity with generally accepted accounting principlesin the United States of America.

 

 

FRIZZELL, SENKERIK &COMPANY, PC

Tucson, Arizona

March 10, 2004

 

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INDEPENDENT AUDITORS’ REPORT

 

To the Partners

Elderly Housing of Macon, Ltd.

Macon, Mississippi

 

We have audited the accompanyingbalance sheets of Elderly Housing of Macon, Ltd., as of December 31, 2003and 2002, and the related statements of income, changes in partners’ capital,and cash flows for the years then ended. These financial statements are theresponsibility of the Company’s management. Our responsibility is to express an opinion on these financialstatements based on our audits.

 

We conducted our audits inaccordance with auditing standards generally accepted in the United States andthe standards applicable to financial audits contained in *Government Auditing Standards,*issuedby the Comptroller General of the United States. Those standards require thatwe plan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement.  An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles -usedarid significant estimates made by management, as well as evaluating theoverall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financialstatements referred to above present fairly, in all material respects, thefinancial position of Elderly Housing of Macon, Ltd. as of December 31,2003 and 2002, and the results of its operations and its cash flows for theyears then ended in com 6n-nity with accounting principles generally acceptedin the United States.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report datedJanuary 28, 2004, on our consideration of Elderly Housing of Macon, Lid’sinternal control over financial reporting and our test of its compliance withcertain provisions of laws, regulations, contracts and grants. That report isan integral part of an audit performed in accordance with *Government Auditing Standards*andshould be read in conjunction with this report in considering the results ofour audit.

 

Our audits were performed forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplementary information on Pages 13-14 is presented for purposesof additional analysis and is not a required part of the basic financialstatements. Such information has been subjected to the auditing proceduresapplied in the audit of the basic financial statements and, in our opinion, isfairly stated in all material respects in relation to the basic financialstatements taken as a whole.

 

 

WAY, RAY, SHELTON & CO., PC

Tuscaloosa, Alabama

January 28, 2004

 

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Independent Auditor’s Report

 

To the Partners

EL DORADO SPRINGS ESTATES, LP

 

We have audited theaccompanying balance sheets of El Dorado Springs Estates, LP as ofDecember 31, 2002 and 2003, and the related statements of income, owner’sequity, and cash flows for the years then ended.  These financial statements are the responsibility of thepartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

 

We conducted our audits inaccordance with auditing standards generally accepted in the United States ofAmerica.  Those standards require thatwe plan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement.  An audit includes examining, on test basis,evidence supporting the amounts and disclosures in the financialstatements.  An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation.We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financialstatements referred to above present fairly, in all material respects, thefinancial position of Carrollton Villa, LP as of December 31, 2002 and2003, and results of its operations, changes in owners’ equity and cash flowsfor the years then ended in conformity with accounting principles generallyaccepted in the United State of America.

 

 

Howe & Associates, PC

Columbia, Missouri

February 14, 2004

 

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INDEPENDENT AUDITOR’S REPORT

 

To the Partners

Eldon Estates II, L.P.

DBA Eldon Estates II

Clarkton, MO 63837

 

We have audited theaccompanying balance sheets of Eldon Estates II, L.P. (a limited partnership)DBA Eldon Estates 11 as of December 31, 2003 and 2002, and the relatedstatements of income, changes in partners’ equity and cash flows for the yearsthen ended. These financial statements are the responsibility of thePartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

 

We conducted our audits inaccordance with auditing standards generally accepted in the United States ofAmerica **andthe standards applicable**to financial audits contained in GovernmentAuditing Standards, issued by the Comptroller General of the United States.Those standards require that we plan and perform the audits to obtainreasonable assurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation.We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financialstatements referred to above present fairly, in all material respects, thefinancial position of Eldon Estates II, L.P. (a limited partnership) DBA EldonEstates II as of December 31, 2003 and 2002, and the **results of its operations and its cash**flowsfor the years then ended in conformity with accounting principles generallyaccepted in the United States of America.

 

Our audit was performed for thepurpose of forming an opinion on the basic financial statements of EldonEstates II, L.P. taken as a whole. The supplementary data included on pages13-14 is not necessary for a fair presentation of the financial statements, butis presented for purposes of additional analysis. As required by the UnitedStates Department of Agriculture Office of Rural Development, thissupplementary data has been subjected to the same tests and other proceduresapplied in the audits of the statements mentioned above, and in our opinion, isfairly presented in all material respects in relation to the financialstatements taken as a whole.

 

In accordance with GovernmentAuditing Standards, we have also issued our report dated January 23,2004, on our consideration of Eldon Estates II, L.P.’s internal control overfinancial reporting and our tests of its compliance with certain provisions oflaws and regulations. The report is an integral part of an audit performed in accordancewith Government Auditing Standards and should be read in conjunctionwith this report in considering the results of our audit.

 

 

COFFMAN, EADS, CAPPS, SUMMERS& DUNCAN

Poplar Bluff, Missouri

January 23, 2004

 

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INDEPENDENT AUDITOR’S REPORT

 

To the Partners

Eldon Manor, L.P.

DBA Eldon Manor

Clarkton, MO 63837

 

We have audited theaccompanying balance sheets of Eldon Manor, L.P. (a limited partnership) DBAEldon Manor as of December 31, 2003 and 2002, and the related statementsof income, changes in partners’ equity and cash flows for the years then ended.These financial statements are the responsibility of the Partnership’smanagement. Our responsibility is to express an opinion on these financialstatements based on our audits.

 

We conducted our audits inaccordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in GovernmentAuditing Standards, issued by the Comptroller General of the United States.Those standards require that we plan and perform the audits to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, the financialstatements referred to above present fairly, in all material respects, thefinancial position of Eldon Manor, L.P. (a limited partnership) DBA Eldon Manoras of December 31, 2003 and 2002, and the results of its operations andits cash flows for the years then ended in conformity with accountingprinciples generally accepted in the United States of America.

 

Our audit was performed for thepurpose of forming an opinion on the basic financial statements of Eldon Manor,L.P. taken as a whole. The supplementary data included on pages 13-14 is notnecessary for a fair presentation of the financial statements, but is presentedfor purposes of additional analysis. As required by the United StatesDepartment of Agriculture Office of Rural Development, this supplementary datahas been subjected to the same tests and other procedures applied in the auditsof the statements mentioned above, and in our opinion, is fairly presented inall material respects in relation to the financial statements taken as a whole.

 

In accordance with GovernmentAuditing Standards, we have also issued our report dated January 23,2004, on our consideration of Eldon Manor, L.P.’s internal control overfinancial reporting and our tests of its compliance with certain provisions oflaws and regulations. The report is an integral part of an audit performed inaccordance with Government Auditing Standards and should be read inconjunction with this report in considering the results of our audit.

 

 

Coffman, Eads, Capps, Summers& Duncan

Poplar Bluff, Missouri

January 23, 2004

 

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INDEPENDENT AUDITOR’S REPORT

 

To the Partners

Eutaw Elderly Housing, Ltd.

Eutaw, Alabama

 

We have audited theaccompanying balance sheets of Eutaw Elderly Housing, Ltd., as of December 31,2003 and 2002, and the related statements if income, changes in partners’capital, and cash flows of the years then ended.  These financial statements are the responsibility of theCompany’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

 

We conducted our audits inaccordance with auditing standards generally accepted in the United States andthe standards applicable to financial audits contained in *Government Auditing Standards,*issuedby the Comptroller General of the United States. Those standards require thatwe plan **andperform the audit**to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, the financialstatements referred to above present fairly, in all material respects, thefinancial position of Eutaw Elderly Housing, Ltd. as of December 31, 2003and 2002, and the results of its operations and its cash flows for the yearsthen ended in conformity with accounting principles generally accepted in theUnited States.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report dated January 28,2004, on our consideration of Eutaw Elderly Housing, Lid’s internal controlover financial reporting and our test of its compliance with certain provisionsof laws, regulations, contracts and grants. That report is an integral part ofan audit performed in conjunction with *Government Auditing Standards*and shouldbe read in conjunction with this report in considering the results of ouraudit.

 

Our audits were performed forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplementary information on Pages 13 - 14 is presented for purposesof additional analysis and is not a required part of the basic financialstatements. Such information has been subjected to the auditing proceduresapplied in the audit of the basic financial statements and, in our opinion, isfairly stated in all material respects in relation to the basic financialstatements taken as a whole.

 

 

WAY, RAY, SHELTON & CO., PC

Tuscaloosa, Alabama

January 28, 2004

 

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**Independent Auditor’sReport**

 

To the Partners

Franklin School Associates

 

We have audited theaccompanying balance sheets of Franklin School Associates, Franklin SchoolApartments (Project) as of December 31, 2003 and 2002, and the relatedstatements if income, changes in partners’ equity (deficit) and cash flows forthe years then ended.  These financialstatements are the responsibility of the Company’s management. Ourresponsibility is to express an opinion on these financial statements based onour audits.

 

We conducted our audits inaccordance with auditing standards generally accepted in the United States ofAmerica and *GovernmentAuditing Standards*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, the financialstatements referred to above present fairly, in all material respects, thefinancial position of the Project as of December 31, 2003 and 2002, andthe results of its operations, changes in partners’ equity (deficit) and cashflows for the years then ended in conformity with accounting principlesgenerally accepted in the United States.

 

Our audits were conducted forthe purpose of forming an opinion on the basic financial statements taken as awhole. The accompanying supplemental information on pages 13 to 15 is presentedfor purposes of additional analysis and is not a required part of the basicfinancial statements of the Project. Such information has been subjected to theauditing procedures applied in the audits of the basic financial statementsand, in our opinion, is fairly stated in all material respects, in relation tothe basic financial statements taken as a whole.

 

 

HAYNIE & COMPANY

Ogden, Utah

February 18, 2004

 

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**Report of IndependentCertified Public Accountant**

 

To the Partners

Hilltop Apartments (A LimitedPartnership)

A USDA Rural Housing ServiceProject

 

I have audited the accompanyingbalance sheets of Hilltop Apartments (A Limited Partnership), as ofDecember 31, 2003 and 2002, and the related statements of operations,changes in partners’ deficit, and cash flows for the years then ended.  These financial statements are theresponsibility of the Partnership’s management.  My responsibility is to express an opinion on these financial statementsbased on my audits.

 

I conducted my audits inaccordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in GovernmentAuditing Standards, issued by the Comptroller General of the UnitedStates.  Those standards require that Iplan and perform the audits to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. I believe that myaudits provide a reasonable basis for my opinion.

 

In my opinion, the financialstatements referred to above present fairly, in all material respects, thefinancial position of Hilltop Apartments (A Limited Partnership) as ofDecember 31, 2003 and 2002, and the results of its operations and its cashflows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

In accordance with GovernmentAuditing Standards, I have also issued reports dated February 15,2004, on my consideration of Hilltop Apartment’s internal control structure andon my tests of its compliance with certain provisions of laws, regulations,contracts, and grants. Those reports are an integral part of an audit performedin accordance with Government Auditing Standards and should be read inconjunction with this report in considering the result of my audits.

 

My audits were conducted forthe purpose of forming an opinion on the basic financial statements taken as awhole. The accompanying supplementary information shown on pages 16 to 19 ispresented for purposes of additional analysis and is not a required part of thebasic financial statements of the Partnership. Such information has beensubjected to the auditing procedures applied in the audit of the basicfinancial statements and, In my opinion, is fairly stated, in all materialrespects, in relation to the basic financial statements taken as a whole.

 

 

GREGORY D. DUBROCK

Albuquerque, New Mexico

February 15, 2004

 

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**Independent Auditor’sReport**

 

General and Limited Partners

Ivan Woods LDHA Limited Partnership

Okemos, Michigan

 

We have audited theaccompanying balance sheets of Ivan Woods LDHA Limited Partnership as ofDecember 31, 2003 and 2002, and the related statements of operations,changes in partners’ capital (deficit) and cash flows for the year endedDecember 31, 2003 and the period from June 12, 2002, the date of HUDrefinancing under section 223(f), through December 31, 2002.  These financial statements are theresponsibility of the Partnership’s management. Our responsibility is toexpress an opinion on these financial statements based on our audits.

 

We conducted our audits inaccordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained inGovernment Auditing Standards issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement, An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements, An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financial statementpresentation. We believe that our audits provide a reasonable basis for ouropinion.

 

In our opinion, the financialstatements referred to above present fairly, in all material respects, thefinancial position of Ivan Woods LDHA Limited Partnership as ofDecember 31, 2003 and 2002, and the results of its operations and its cashflows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

In accordance with GovernmentAuditing Standards, we have also issued reports dated April 12, 2004, onour consideration of Ivan Woods LDHA Limited Partnership’s internal control andon our tests of its compliance with certain provisions of laws, regulations,contracts, and grants. Those reports are an integral part of an audit performedIn accordance with Government Auditing Standards and should be read inconjunction with this report in considering the results of our audit.

 

Our audit was conducted for thepurpose of forming an opinion on the basic financial statements taken as awhole. The accompanying supplementary information shown on pages 10 to 19 ispresented for purposes of additional analysis and is not a required part of thebasic financial statements of the Partnership. Such Information has been subjectedto the auditing procedures applied In the audit of the basic financialstatements and, In our opinion, is fairly stated, in all material respects, inrelation to the basic financial statements taken as a whole.

 

 

MCCARTHY & COMPANY, PC

Okemos, Michigan

April 12, 2004

 

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INDEPENDENT AUDITOR’S REPORT

 

To the Partners

Licking Associates II, L.P.

DBA Licking Apartments II

Clarkton, MO 63837

 

We have audited theaccompanying balance sheets of Licking Associates II, L.P. (a limitedpartnership) DBA Licking Apartments II as of December 31, 2003 and 2002,and the related statements of income, changes in partners’ equity, and cashflows for the years then ended. These financial statements are theresponsibility of the Partnership’s management. Our responsibility is toexpress an opinion on these financial statements based on our audits.

 

We conducted our audits inaccordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in GovernmentAuditing Standards, issued by the Comptroller General of the United States.Those standards require that we plan and perform the audits to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements.  An audit also includes assessing theaccounting principles used and significant estimates made by management, aswell as evaluating the overall financial statement presentation. We believethat our audits provide a reasonable basis for our opinion.

 

In our opinion, the financialstatements referred to above present fairly, in all material respects, thefinancial position of Licking Associates II, L.P. (a limited partnership) DBALicking Apartments II as of December 31, 2003 and 2002, and the results ofits operations and its cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

Our audits were performed forthe purpose of forming an opinion on the basic financial statements of LickingAssociates II, L.P. taken as a whole. The supplementary data included on pages13-14 is not necessary for a fair presentation of the financial statements, butis presented for purposes of additional analysis. As required by the UnitedStates Department of Agriculture Office of Rural Development, thissupplementary data has been subjected to the same tests and other proceduresapplied in the audits of the statements mentioned above, and in our opinion, isfairly presented in all material respects in relation to the financialstatements taken as a whole.

 

In accordance with GovernmentAuditing Standards, we have also issued our report dated January 23,2004, on our consideration of Licking Associates II, L.P.’s internal controlover financial reporting and our tests of its compliance with certainprovisions of laws and regulations. The report is an integral part of an auditperformed in accordance with Government Auditing Standards and should beread in conjunction with this report in considering the results of our audits.

 

 

COFFMAN, EADS, CAPPS, SUMMERS& DUNCAN

Poplar Bluff, Missouri

January 23, 2004

 

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**INDEPENDENT AUDITORS’REPORT**

 

To the Partners

London Arms/Lyn Mar LimitedPartnership

Boston, Massachusetts

 

We have audited theaccompanying Balance Sheets of London Arms/Lyn Mar, Limited Partnership (aFlorida Limited Partnership), as of December 31, 2003 and 2002 and therelated Statements of Income, Partners’ Equity and Cash Flows for the yearsthen ended. These financial statements are the responsibility of the managementof London Arms/Lyn Mar Limited Partnership. Our responsibility is to express anopinion on these financial statements based on our audits.

 

We conducted our audits inaccordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that we plan and perform the audits to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significant estimatesmade by management, as well as evaluating the overall financial statementpresentation. We believe that our audits provide a reasonable basis for ouropinion.

 

In our opinion, the financialstatements referred to above present fairly, in all material respects, thefinancial position of London Arms/Lyn Mar Limited Partnership as ofDecember 31, 2003 and 2002, and the results of its operations, the changesin partners’ equity and cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America,

 

Our audits were made for thepurpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information is presented for purposes of additionalanalysis and is not a required part of the basic financial statements. Suchinformation has been subjected to the audit procedures applied in the audits ofthe basic financial statements and, in our opinion, is fairly stated in allmaterial respects in relation to the basic financial statements taken as awhole.

 

 

BLOOM, GETTIS,HABIB, SILVER & TERRONE, P.A.

Miami, FL

January 19, 2004

 

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INDEPENDENT AUDITOR’S REPORT

 

To the Partners

Maidu Properties

(A California LimitedPartnership)

Rocklin, California

 

I have audited the accompanyingbalance sheets of Maidu Properties (A California Limited Partnership), as ofDecember 31, 2003 and 2002, and the related statements of income partners’equity, and cash flows for the years then ended.  These financial statements are the responsibility of thePartnership’s management.  Myresponsibility is to express an opinion on these financial statements based onmy audits.

 

I conducted my audits inaccordance with auditing standards generally accepted in the United States ofAmerica.  Those standards require that Iplan and perform the audits to obtain reasonable assurance about whether thefinancial statements are free of material misstatement.  An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financialstatements.  An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation.I believe that my audits provide a reasonable basis for my opinion.

 

In my opinion, the financialstatements referred to above present fairly, in all material respects, thefinancial position of Maidu Properties (a California Limited Partnership) as ofDecember 31, 2003 and 2002, and the results of its operations and its cashflows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

My audits were conducted forthe purpose of forming an opinion on the basic financial statements taken as awhole. The accompanying supplementary information for the years endedDecember 31, 2003 and 2002, on pages 12 and 13, is presented for purposesof additional analysis and is not a required part of the basic financialstatements.  Such information has been subjectedto the auditing procedures applied in the audit of the basic financialstatements and, In my opinion, is fairly stated, in all material respects, inrelation to the basic financial statements taken as a whole.

 

 

BERNARD E. REA, CPA

Stockton, California

February 11, 2004

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IndependentAuditor’s Report

 

To the Partners

Nevada Manor, LP

 

We have audited theaccompanying balance sheets of Nevada Manor, LP as of December 31, 2002 and2003, and the related statements of income, owner’s equity, and cash flows forthe years then ended.  These financialstatements are the responsibility of the partnership’s management. Ourresponsibility is to express an opinion on these financial statements based onour audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America.  Those standards requirethat we plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free of material misstatement.  An audit includes examining, on test basis,evidence supporting the amounts and disclosures in the financialstatements.  An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation.We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Nevada Manor, LP as of December 31, 2002and 2003, and results of its operations, changes in owners’ equity and cashflows for the years then ended in conformity with accounting principlesgenerally accepted in the United State of America.

 

 

Howe & Associates, PC

Columbia, Missouri

February 14, 2004

 

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**INDEPENDENT AUDITOR’S REPORT**

 

The Partners

**RPI Limited Partnership #18**

St. Paul, Minnesota

 

We have audited theaccompanying balance sheets of **RPI Limited Partnership #18,**RHS ProjectNumber: 18-18411649005, as of December 3 1, 2003 and 2002, and the relatedstatements of operations, partners’ equity (deficit), and cash flows for theyears then ended. These financial statements are the responsibility of thePartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and *Government Auditing Standards*issued by the ComptrollerGeneral of the United States. Those standards require that we plan and performthe audit to obtain reasonable assurance about whether the financial statementsare free of material misstatement. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of **RPI Limited Partnership #18**as of December31, 2003 and 2002, and the results of operations and its cash flows for theyears then ended in conformity with accounting principles generally accepted inthe United States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report dated January 23,2004 on our consideration of **RPI Limited Partnership #18’s**internalcontrol and a report dated January 23, 2004 on its compliance with laws andregulations. Those reports are an integral part of an audit performed inaccordance with *Government Auditing Standards*and should be read inconjunction with this report in considering the results of our audit.

 

 

EIDE BAILLY LLP

Fargo, North Dakota

January 23, 2004

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners

South Fork HeightsLimited Partnership

 

We have audited theaccompanying balance sheets of South Fork Heights Limited Partnership (a Texaslimited partnership), USDA Project No.: 05-53-742476220, as of December 31,2003 and 2002, and the related statements of operations, partners’ equity(deficit) and cash flows for the years then ended. These financial statementsare the responsibility of the partnership’s management. Our responsibility isto express an opinion on these financial statements based on our audits.

 

We conducted our auditsin accordance with U.S. generally accepted auditing standards and the standardsapplicable to financial audits contained in *Government Auditing Standards,*issued bythe U.S. General Accounting Office. Those standards require that we plan andperform the audits to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of South Fork Heights LimitedPartnership as of December 31, 2003 and 2002, and the results of its operationsand the cash flows for the years then ended in conformity with U.S. generallyaccepted accounting principles.

 

Our audits were performedfor the purpose of forming an opinion on the basic financial statements takenas a whole. The supplemental information on pages 11 - 21 is presented forpurposes of additional analysis required by the United States Department ofAgriculture and is not a required part of the basic financial statements. Suchinformation has been subjected to the auditing procedures applied in the auditof the basic financial statements and, in our opinion, is fairly stated, in allmaterial respects, in relation to the basic financial statements taken as awhole.

 

In accordance with *GovernmentAuditing Standards,*we have also issued our report dated February 2,2004, on our consideration of South Fork Heights Limited Partnership’s internalcontrol over financial reporting and our tests of its compliance with certainprovisions of laws, regulations, contracts and grants. This report is anintegral part of an audit performed in accordance with *Government Auditing Standards*andshould be read in conjunction with this report in considering the results ofour audit.

 

 

**THOMPSON, DERRIG & CRAIG, P.C.**

Bryan, Texas

February 2, 2004

 

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INDEPENDENTAUDITORS’REPORT

 

To the Partners

Twin Oaks of Allendale,Ltd.

 

We have audited theaccompanying balance sheets of Twin Oaks of Allendale, Ltd. (a Florida LimitedPartnership), USDA-RD Project No.:46-003-592894359 as of December 31, 2003 and2002, and the related statements of operations, partners’ equity and cash flowsfor the years then ended. These financial statements are the responsibility ofthe partnership’s management. Our responsibility is to express an opinion onthese financial statements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and the standards applicable to financial audits contained in GovernmentAuditing Standards, issued by the Comptroller General of the United States.Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made by management,as well as evaluating the overall financial statement presentation. We believethat our audits provide a reasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Twin Oaks of Allendale, Ltd. (a FloridaLimited Partnership), USDARD Project No.: 46-003-592894359, as of December 31,2003 and 2002, and the results of its operations, changes in partners’ equityand cash flows for the years then ended in conformity with accountingprinciples generally accepted in the United States of America.

 

In accordance with GovernmentAuditing Standard, we have also issued our report dated February 2, 2004 onour consideration of Twin Oaks of Allendale, Lid’s internal control overfinancial reporting and our tests of its compliance with certain provisions oflaws, regulations, contracts, and grants. That report is an integral part of anaudit performed in accordance with Government Auditing Standards andshould be read in conjunction with this report in considering the results ofour audit.

 

Our audits were performedfor the purpose of forming an opinion on the basic financial statements takenas a whole.  The supplementalinformation on page 13 is presented for purposes of additional analysis and isnot a required part of the basic financial statements. Such information hasbeen subjected to the auditing procedures applied in the audits of the basicfinancial statements and, in our opinion, is fairly stated, in all materialrespects, in relation to the basic financial statements taken as a whole.

 

 

JAMES KNUTZEN &ASSOCIATES, C.P.A.’S, P.A.

Jacksonville, Florida

February 2, 2004

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners

Wildridge Apartments,Ltd.

Panama City, Florida

 

We have audited theaccompanying balance sheets of Wildridge Apartments, Ltd., a limitedpartnership, USDA, Rural Development Project No: 11-51-592863964, as ofDecember 31, 2003 and 2002 and the related statements of operations, changes inpartners’ deficit and cash flows for the years then ended.  These financial statements are theresponsibility of the Partnership’s management.  Our responsibility is to express an opinion on these financialstatements on our audits.

 

We conducted our audits inaccordance with auditing standards generally accepted in the United States ofAmerica and Government Auditing Standards, issued by the ComptrollerGeneral of the United States. Those standards require that we plan and performthe audits to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Wildridge Apartments, Ltd. at December 31,2003 and 2002, and the results of its operations and changes in partners’deficit and cash flows for the years then ended in conformity with accountingprinciples generally accepted in the United States of America.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements, taken as awhole. The supplementary information is presented for the purpose of additionalanalysis and is not a required part of the basic financial statements. Suchinformation has been subjected to the auditing procedures applied in the auditof the basic financial statements and, in our opinion, is fairly presented inall material respects in relation to the basic financial statements taken as awhole.

 

 

SMITH, MILES &COMPANY, PA

Panama City, Florida

February 7, 2004

 

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INDEPENDENTAUDITORS’ REPORT

 

To the Partners

Brandywood LimitedPartnership

 

We have audited theaccompanying balance sheets of Brandywood Limited Partnership as of December31, 2003 and 2002 and the related statements of operations, partners’ deficitand cash flows for the years then ended. These financial statements are theresponsibility of the partnership’s management. Our responsibility is toexpress an opinion on these financial statements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America. Those standards require that we plan and perform the audit toobtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Brandywood Limited Partnership as ofDecember 31, 2003 and 2002 and the results of its operations and cash flows forthe years then ended in conformity with accounting principles generallyaccepted in the United States of America.

 

Our audits were conductedfor the purpose of forming an opinion on the basic financial statements takenas a whole. The supplemental information provided, as identified in the tableof contents, is presented for purposes of additional analysis and is not arequired part of the basic financial statements. Such information has beensubjected to the auditing procedures applied in the audit of the basicfinancial statements and, in our opinion, is fairly stated in all materialrespects in relation to the basic financial statements taken as a whole.

 

 

Virchow, Krause &Company, LLP

Madison, Wisconsin

January 21, 2004

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners of

Briarwick Apartments,Ltd.

 

We have audited theaccompanying balance sheets of Briarwick Apartments, Ltd. (a Kentucky limitedpartnership) as of December 31, 2003, and 2002, and the related statements ofresults of operations, changes in partners’ capital and cash flows for theyears then ended. These financial statements are the responsibility of thePartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audit, The financial statements of BriarwickApartments, Ltd. as of December 31, 2001, were audited by other auditors whosereport dated March 28, 2002, expressed an unqualified opinion on thosestatements.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America, *GovernmentAuditing Standards,*issued by the Comptroller General of the UnitedStates, and the provisions of the United States Department of Agriculture,Rural Development audit program. Those standards require that we plan andperform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Briarwick Apartments, Ltd. as of December31, 2003 and 2002, and the results of its operations, changes in partners’capital and its cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report dated March 5,2004, on our consideration of Briarwick Apartments, Ltd.’s internal controlover financial reporting and tests of its compliance with certain provisions oflaws and regulations, That report is an integral part of an audit performed inaccordance with Government Auditing Standards and should be read in conjunctionwith this report in considering the results of our audit.

 

 

Morgan-Franklin, LLC

West Liberty, Kentucky

March 5, 2004

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners of

California Investors VII

 

We have audited theaccompanying balance sheets of California Investors VII (a California LimitedPartnership) as of December 31, 2003 and 2002, and the related statements ofoperations, partners’ capital, and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America. Those standards require that we plan and perform the audits toobtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of California Investors VII as of December 31,2003 and 2002, and the results of its operations, changes in partners’ capital,and its cash flows for the years then ended in conformity with accountingprinciples generally accepted in the United States of America.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The additional information included in this report (shown on pages 18and 19) is presented for purposes of additional analysis and is not a requiredpart of the basic financial statements. Such information has been subjected tothe auditing procedures applied in the audits of the basic financial statementsand, in our opinion, is fairly stated in all material respects in relation tothe basic financial statements taken as a whole.

 

 

Ercolini & CompanyLLP

Mansfield, Massachusetts

January 24, 2004

 

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Independent Accountant’sReport

 

To the Partners

Fort Smith HousingAssociates, an Arkansas Limited Partnership

 

We have audited theaccompanying balance sheet of Fort Smith Housing Associates, An ArkansasLimited Partnership****as of December 31, 2003, and the relatedstatements of operations, changes in partners’ capital and cash flows for theyear then ended. These financial statements are the responsibility of thePartnership’s management. Our responsibility is to express an opinion on thesestatements based on our audit. The financial statements of Fort Smith HousingAssociates, An Arkansas Limited Partnership as of December 31, 2002 wereaudited by other auditors whose report dated February 5, 2003, expressed anunqualified opinion on those statements.

 

We conducted our audit inaccordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audit provides a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Fort Smith Housing Associates, An ArkansasLimited Partnership****as of December 31, 2003, and the resultsof its operations and its cash flows for the years then ended in conformitywith accounting principles generally accepted in the United States of America.

 

 

Hankins & Company

Fort Smith, Arkansas

February 13, 2004

 

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IndependentAccountant’s Report

 

To the Partners

Franklin II LimitedPartnership

 

I have audited the accompanying balance sheets ofFranklin II Limited Partnership, RHS Project No.: 5-009-541462949, as ofDecember 31, 2003 and 2002 and the related statements of operations, partners’deficit and cash flows for the years then ended. These financial statements arethe responsibility of the partnership’s management. My responsibility is toexpress an opinion on these financial statements based on my audit.

 

I conducted my audit in accordance with generallyaccepted auditing standards and Government Auditing Standards, issued by theComptroller General of the United States. Those standards require that I planand perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial presentation. I believe that my audit provideda reasonable basis for my opinion.  Inmy opinion, the financial statements referred to above present fairly, in allmaterial respects, the financial position of Franklin II Limited Partnership,RHS Project No.: 55-009 541462949, as of December 31, 2003, and the results ofits operations, the changes in partners’ deficit and cash flows for the yearthen ended, in conformity with generally accepted accounting principles.  My audit was made for the purpose of formingan opinion on the basic financial statements taken as a whole. The supplementalinformation on pages 16 through 23 is presented for purposes of additionalanalysis and is not a required part of the basic financial statements. Suchinformation has been subjected to the auditing procedures applied in the auditof the basic financial statements and, in my opinion, is fairly stated in allmaterial.

 

In accordance with Government Auditing Standards,I have also issued reports dated January 9, 2004 on my consideration ofFranklin II Limited Partnership’s internal control and its compliance with lawsand regulations applicable to the financial statements.

 

 

Timothy Force, CPA

Bethesda, Maryland

January 9, 2004

 

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**INDEPENDENT AUDITOR’S REPORT**

 

To the Partners

Hunter’s Park LimitedPartnership

 

We have audited the accompanying balance sheets ofHunter’s Park Limited Partnership as of December 31, 2003 and 2002, and therelated statements of operations, partners’ equity (deficit), and cash flowsfor the years then ended. These financial statements are the responsibility ofHunter’s Park Limited Partnership management. Our responsibility is to expressan opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with auditingstandards generally accepted in the United States of America and the standardsapplicable to financial audits contained in Government Auditing Standards issuedby the Comptroller General of the United States. Those standards require thatwe plan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred toabove present fairly, in all material respects, the financial position ofHunter’s Park Limited Partnership as of December 31, 2003 and 2002, and theresults of its operations, changes in partners’ equity (deficit) and its cashflows for the years then ended, in conformity with accounting principlesgenerally accepted in the United States of America.

 

In accordance with Government Auditing Standards, wehave also issued our report dated January 31, 2003 on our consideration ofHunter’s Park Limited Partnership’s internal control over financial reportingand our tests of its compliance with certain provisions of laws, regulations,contracts and grants. That report is an integral part of an audit performed inaccordance with Government Auditing Standards and should be read inconjunction with this report in considering the results of our audit.

 

Our audits were made for the purpose of forming anopinion on the basic financial statements taken as a whole. The supplementaryinformation on page 13, is presented for purposes of additional analysis and isnot a required part of the basic financial statements. Such information hasbeen subjected to the auditing procedures applied in the audit of the basicfinancial statements and, in our opinion, is presented fairly in all materialrespects in relation to the basic financial statements taken as a whole.

 

 

Holden, Moss, Knott,Clark, Copley & Hoyle, P.A.

Henderson, North Carolina

January 28, 2004

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners

Ivan Woods LDHA LimitedPartnership

 

We have audited the,accompanying balance sheets of Ivan Woods LDHA Limited Partnership as ofDecember 31, 2003 and 2002, and the related statements of operations, changesin p era capital (deficit) and cash flows for year ended December 31, 2003 andthe period from June 12, 2002, the date of HUD refinancing under section 223(f), through December 31, 2002. These financial statements are theresponsibility of the Partnership’s management. Our responsibility is toexpress an opinion on these financial statements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and the standards applicable financial audits contained inGovernment *AuditingStandards*issued by the Comptroller General of the United States.Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of materialmisstatement.  An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures Inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Ivan Woods LDHA Limited Partnership as ofDecember 31, 2003 and 2002, and the results of its operations and its cashflows for the year then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

In accordance withGovernment Auditing Standards, we have also issued reports dated April 12,2004, on our consideration of Ivan Woods LDHA Limited Partnership’s internalcontrol and on our tests of its compliance with certain provisions of laws,regulations, contracts, and grants. Those reports are an integral part of an audit performed In accordancewith Government Auditing Standards and should be read in conjunction with thisreport in considering the results of our audit.

 

Our audit was conductedfor the purpose of forming an opinion on the basic financial statements takenas a whole. The accompanying supplementary information shown on pages 10 to 19is presented for purposes of additional analysis and is not a required part ofthe basic financial statements of the Partnership. Such Information has beensubjected to the auditing procedures applied In the audit of the basicfinancial statements and, In our opinion, is fairly stated, in all materialrespects, in relation to the basic financial statements taken as a whole.

 

 

McCartney & Company,P.C.

Okemos, Michigan

April 12 2004

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners

Lakeridge Apartments ofEufaula, Ltd.

 

We have audited the accompanying balance sheets ofLakeridge Apartments of Eufaula, Ltd., a limited partnership, USDA, RuralDevelopment Project No: 010030592933800, as of December 31, 2003 and 2002 andthe related statements of operations, changes in partners’ deficit and cashflows for the years then ended. These financial statements are theresponsibility of the Partnership’s management. Our responsibility is toexpress an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with auditingstandards generally accepted in the United States of America and GovernmentAuditing Standards, issued by the Comptroller General of the United States.Those standards require that we plan and perform the audits to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, the financial statements referred toabove present fairly, in all material respects, the financial position ofLakeridge Apartments of Eufaula, Ltd., at December 31, 2003 and 2002, and theresults of its operations and changes in partners’ deficit and cash flows for theyears then ended in conformity with accounting principles generally accepted inthe United States of America.

 

Our audits were made for the purpose of forming anopinion on the basic financial statements, taken as a whole. The supplementaryinformation is presented for the purpose of additional analysis and is not arequired part of the basic financial statements. Such information has beensubjected to the auditing procedures applied in the audit of the basicfinancial statements and, in our opinion, is fairly presented in all materialrespects in relation to the basic financial statements taken as a whole.

 

 

SMITH, MILES &COMPANY, P.A.

Panama City, Florida

February 7, 2004

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners

Los Caballos II, Ltd.

 

We have audited thefinancial statements of Los Caballos II, Ltd., (a limited partnership) as ofand for the years ended December 3l, 2003 and 2002, and the related statementsof operations, partners’ equity and cash flows for the years then ended.  These financial statements are theresponsibility of the Partnership’s management.  Our responsibility is to express an opinion on these financialstatements based on our audits.

 

We conducted our audit inaccordance with auditing standards generally accepted in the United States ofAmerica and Government Auditing Standards, issued by the ComptrollerGeneral of’ the United States.  Thosestandards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of materialmisstatements.  An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Los Caballos II, Ltd., as of December 31,2003 and 2002, and the results of its operations and changes in partners’deficit and cash flows for the years then ended in conformity with accountingprinciples generally accepted in the United States of America.

 

In accordance with GovernmentAuditing Standards*,*we have also issued a report datedJanuary 12, 2004 on our consideration of Los Caballos II, Ltd’s internalcontrol over financial reporting and our tests of its compliance with certainprovisions of laws, regulations, contracts and grants.  That report is an integral part of an auditperformed in accordance with Government Auditing Standards**andshould be read in conjunction with this report in considering the results ofour audits.

 

Our audits were conductedfor the purpose of forming an opinion on the financial statements taken as awhole. The accompanying supplemental information included in this report ispresented for purposes of additional analysis and is not a required part of thebasic financial statements of Los Caballos II, Ltd. Such information has beensubjected to auditing procedures applied in our audits of the financialstatements and, in our opinion, is fairly stated in all material respects inrelation to the basic financial statements taken as a whole.

 

 

Keystone Accounting, LLC

Farmington, NM

January 12,2004

 

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IndependentAuditors’ Report

 

To the Partners

Nye County Associates (ACalifornia Limited Partnership)

 

We have audited theaccompanying balance sheets of Nye County Associates, (A California LimitedPartnership) DBA Spring Mountain Apartments, USDA, Rural Development ProjectNumber 33019-680192750, as of December 31, 2003 and 2002, and the relatedstatements of operations, changes in partners’ equity (deficit), and cash flowsfor the years then ended. These financial statements are the responsibility ofthe Partnership’s management. Our responsibility is to express an opinion onthese financial statements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and *Government Auditing Standards*issued by the ComptrollerGeneral of the United States. Those standards require that we plan and performthe audits to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Nye County Associates, as of December 31,2003 and 2002, and the results of its operations, changes in partners’ equity(deficit), and cash flows for the years then ended, in conformity with accountingprinciples generally accepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report dated January 15,2004 on our consideration of Nye County Associates’ internal control structureand a report dated January 15, 2004 on its compliance with laws andregulations. Those reports are an integral part of an audit performed inaccordance with *Government Auditing Standards*and should be read inconjunction with this report in considering the results of our audits.

 

Our audits were conductedfor the purpose of forming an opinion on the basic financial statements takenas a whole. The accompanying supplemental information is presented for purposesof additional analysis and is not a required part of the basic financialstatements of Nye County Associates. Such information has been subjected toauditing procedures applied in our audits of the basic financial statementsand, in our opinion, is fairly stated in all material respects in relation tothe basic financial statements taken as a whole.

 

 

SJ Gallina & Co., LLP

Sacramento, California

January 15, 2004

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners

Portales Estates, L.P.

 

We have audited theaccompanying balance sheets of Portales Estates, LP as of December 31, 2002 and2003, and the related statements of income, owners’ equity, and cash flows forthe years then ended.  These financialstatements are the responsibility of the partnership’s management. Our responsibilityis to express an opinion on these financial statements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America.  Those standards requirethat we plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free of material misstatement.  An audit includes examining, on test basis,evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing theaccounting principles used and significant estimates made by management, aswell as evaluating the overall financial statement presentation. We believethat our audits provide a reasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Portales Estates, LP as of December 31,2002 and 2003, and results of its operations, changes in owners’ equity andcash flows for the years then ended in conformity with accounting principlesgenerally accepted in the United State of America.

 

 

Howe & Associates, PC

Columbia, Missouri

February 19, 2004

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners

RPI Limited Partnership#22

 

We have audited theaccompanying balance sheets of RPI Limited Partnership #22, (MHFA ProjectNumber 90-002) as of December 31, 2003 and 2002, and the related statements ofoperations, partners’ equity and cash flows for the years then ended. Thesefinancial statements are the responsibility of the partnership’s management. Ourresponsibility is to express an opinion on these financial statements based onour audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America. Those standards require that we plan and perform the audit toobtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, the financialstatements referred to above present fairly, in all material respects, thefinancial position of RPI Limited Partnership #22 as of December 31, 2003 and2002, and the results of its operations and is cash flows for the years thenended in conformity with accounting principles generally accepted in the UnitedStates of America.

 

Our audits were conductedfor the purpose of forming an opinion on the basic financial statements takenas a whole. The supplemental information provided, as identified in the tableof contents as of and for the years ended December 31, 2003 and 2002, ispresented for purposes of additional analysis and is not a required part of thebasic financial statements. Such information has been subjected to the auditingprocedures applied in the audit of the basic financial statements and, in ouropinion, is fairly stated in all material respects in relation to the basicfinancial statements taken as a whole.

 

 

Virchow Krause &Company

Minneapolis, Minnesota

January 22, 2004

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners

Scott City AssociatesIII, L.P.

 

We have audited theaccompanying balance sheets of Scott City Associates III, L.P. (a limitedpartnership) DBA Scott City Apartments III as of December 31, 2003 and 2002,and the related statements of income, changes in partners’ equity, and cashflows for the years then ended. These financial statements are theresponsibility of the Partnership’s management. Our responsibility is toexpress an opinion on these financial statements based on our audits.

 

We conducted our auditsin accordance****with auditing standards generally accepted in the UnitedStates of America and the standards applicable to financial audits contained inGovernment Auditing Standards, issued by the Comptroller General of theUnited States. Those standards require that we plan and perform the audits toobtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupportingthe amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Scott City Associates III, L.P. (a limitedpartnership) DBA Scott City Apartments III as of December 31, 2003 and 2002,and the results of its operations and its cash flows for the years then endedin conformity with accounting principles generally accepted in the UnitedStates of America.

 

Our audits were performedfor the purpose of forming an opinion on the basic financial statements ofScott City Associates III, L.P. taken as a whole. The supplementary dataincluded on pages 13-14 is not necessary for a fair presentation of thefinancial statements, but is presented for purposes of additional analysis. Asrequired by the United States Department of Agriculture Office of RuralDevelopment, this supplementary data has been subjected to the same tests andother procedures applied in the audits of the statements mentioned above, and inour opinion, is fairly presented in all material respects in relation to thefinancial statements taken as a whole.

 

In accordance with GovernmentAuditing Standards, we have also issued our report dated January 28, 2004,on our consideration of Scott City Associates III, L.P.’s internal control overfinancial reporting and our tests of its compliance with certain provisions oflaws and regulations. The report is an integral part of an audit performed inaccordance with Government Auditing Standards and should be read inconjunction with this report in considering the results of our audits.

 

 

Coffman, Eads, Capps,Summers & Duncan

Poplar Bluff, Missouri

January 28, 2004

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners

Springfield HousingAssociates, L.P.

Springfield, Illinois

 

We have audited theaccompanying balance sheets of Springfield Housing Associates, L.P. (a limitedpartnership), as of December 31, 2003 and 2002, and the related statements ofoperations, partners’ capital, and cash flows for the years then ended.  These financial statements are theresponsibility of the partnership’s management. Our responsibility is toexpress an opinion on these financial statements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America.  Those standards requirethat we plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free of material misstatement.  An audit includes examining, on test basis,evidence supporting the amounts and disclosures in the financialstatements.  An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation.We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Springfield Housing Associates, LP (alimited partnership) as of December 31, 2003 and 2002, and results of itsoperations, changes in partners’ equity and its cash flows for the years thenended in conformity with accounting principles generally accepted in the UnitedState of America.

 

 

MUELLER, WALLA &ALBERTSON, PC

Crestwood, MO

January 22, 2004

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners

Villas of Lakeridge, Ltd.

 

We have audited the accompanying balance sheets ofVillas of Lakeridge, Ltd., a limited partnership, USDA, Rural Development ProjectNo: 01-0030592930819, as of December 31, 2003 and 2002 and the relatedstatements of operations, changes in partners’ deficit and cash flows for theyears then ended. These financial statements are the responsibility of thePartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

 

We conducted our audits in accordance with auditingstandards generally accepted in the United States of America and GovernmentAuditing Standards, issued by the Comptroller General of the United States.Those standards require that we plan and perform the audits to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, the financial statements referred toabove present fairly, in all material respects, the financial position ofVillas of Lakeridge, Ltd., at December 31, 2003 and 2002, and the results ofits operations and changes in partners’ deficit and cash flows for the yearsthen ended in conformity with accounting principles generally accepted in theUnited States of America.

 

Our audits were made for the purpose of forming anopinion on the basic financial statements, taken as a whole. The supplementaryinformation is presented for the purpose of additional analysis and is not arequired part of the basic financial statements. Such information has beensubjected to the auditing procedures applied in the audit of the basicfinancial statements and, in our opinion, is fairly presented in all materialrespects in relation to the basic financial statements taken as a whole.

 

 

Smith, Miles &Company, P.A.

Panama City, Florida

February 7, 2004

 

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INDEPENDENTAUDITORS’ REPORT

 

To the Partners

Waynesboro Associates,Limited

 

We have audited theaccompanying balance sheets of Waynesboro Associates, Limited (a Tennesseelimited partnership) d/b/a Waynesboro Village Apartments, RES Project No.: 48-091-621385326,as of December 31, 2003 and 2002, and the related statements of operations,partners’ equity, and cash flows for the years then ended. These financialstatements are the responsibility of the Partnership’s management. Ourresponsibility is to express an opinion on these financial statements based onour audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and *Government Auditing Standards,*issued by the ComptrollerGeneral of the United States. Those standards require that we plan and performthe audits to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Waynesboro Associates, Limited (a Tennesseelimited partnership) d/b/a Waynesboro Village Apartments, RHS Project No.:48-091-621385326, as of December 31, 2003 and 2002, and the results of itsoperations, the changes in partners’ equity and its cash flows for the yearsthen ended in conformity with accounting principles generally accepted in theUnited States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report dated January 31,2004 on our consideration of Waynesboro Associates, Limited’s internal controlover financial reporting and our tests of its compliance with certainprovisions of laws, regulations, contracts, and grants.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information on page 12 is presented for purposes ofadditional analysis and is not a required part of the basic financialstatements. Such information has been subjected to the audit procedures appliedin the audits of the basic financial statements and, in our opinion, is fairlystated in all material respects in relation to the basic financial statementstaken as a whole.

 

 

York, Dillingham &Company, PLLC

Columbia, Tennessee

January 31, 2004

 

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INDEPENDENTAUDITORS’ REPORT

 

To the Partners

Windsor II LimitedPartnership

 

I have audited the accompanyingbalance sheets of Windsor II Limited Partnership, RHS Project No.:54-057-541440877-017, as of December 31, 2003 and 2002, and the relatedstatements of operations, partners’ deficit and cash flows for the years thenended. These financial statements are the responsibility of the partnership’smanagement. My responsibility is to express an opinion on these financialstatements based on my audit.

 

I conducted my audit inaccordance with generally accepted auditing standards and Government AuditingStandards, issued by the Comptroller General of the United States. Thosestandards require that I plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial

presentation. I believethat my audit provided a reasonable basis for my opinion.

 

In my opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Windsor II Limited Partnership, RHS ProjectNo.: 54-057 541440877-017, as of December 31, 2003 and 2002, and the results ofits operations, the changes in partners’ deficit and cash flows for the yearsthen ended, in conformity with generally accepted accounting principles.  My audit was made for the purpose of formingan opinion on the basic financial statements taken as a whole. The supplementalinformation on pages 17 through 24 is presented for purposes of additionalanalysis and is not a required part of the basic financial statements. Suchinformation has been subjected to the auditing procedures applied in the auditof the basic financial statements and, in my opinion, is fairly stated in allmaterial respects in relation to the basic financial statements taken as awhole.

 

In accordance with GovernmentAuditing Standards, I have also issued reports dated January 9, 2004 on myconsideration of Windsor II Limited Partnership’s internal control and itscompliance with laws and regulations applicable to the financial statements.

 

 

Timothy Force, CPA

Bethesda, Maryland

January 9, 2004

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners

Amherst LimitedPartnership

 

I have audited the accompanying balance sheets ofAmherst Limited Partnership, RHS Project No.: 54-007-541486870, as of December3 1, 2003 and 2002 and the related statements of operations, partners’ deficitand cash flows for the years then ended. These financial statements are theresponsibility of the partnership’s management. My responsibility is to expressan opinion on these financial statements based on my audit.

 

I conducted my audit in accordance with generallyaccepted auditing standards and Government Auditing Standards, issued by theComptroller General of the United States. Those standards require that I planand perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial tatements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial presentation. I believe that my audit provideda reasonable basis for my opinion.

 

In my opinion, the financial statements referred to abovepresent fairly, in all material respects, the financial position of AmherstLimited Partnership, RHS Project No.: 54-007541486870, as of December 31, 2003and 2002, and the results of its operations, the changes in partners’ deficitand cash flows for the years then ended, in conformity with generally acceptedaccounting principles.

 

My audit was made for the purpose of forming anopinion on the basic financial statements taken as a whole. The supplementalinformation on pages 16 through 23 is presented for purposes of additionalanalysis and is not a required part of the basic financial statements. Suchinformation has been subjected to the auditing procedures applied in the auditof the basic financial statements and, in my opinion, is fairly stated in allmaterial respects in relation to the basic financial statements taken as awhole.

 

In accordance with Government Auditing Standards, Ihave also issued reports dated January 9, 2004 on my consideration of AmherstLimited Partnership’s internal control and its compliance with laws andregulations applicable to the financial statements.

 

 

Timothy Force, CPA

Bethesda, Maryland

January 9, 2004

 

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**INDEPENDENT AUDITOR’S REPORT**

 

To the Partners

Beckwood Manor SixLimited Partnership

 

We have audited the accompanyingbalance sheets of Beckwood Manor Six Limited Partnership, RD Project No.03-048-0710677265 (the Partnership), as of December 31, 2003 and 2002, and therelated statements of profit (loss), changes in partners’ equity (deficit) andcash flows for the years then ended. These financial statements are theresponsibility of the Partnership’s management. Our responsibility is toexpress an opinion on these financial statements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and the standards applicable to financial audits contained in *GovernmentAuditing Standards*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audits to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, the financialstatements referred to above present fairly, in all material respects, thefinancial position of Beckwood Manor Six Limited Partnership as of December 31,2003 and 2002**,**and its results of operations, changes in partners’ equity(deficit), and cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued our report dated February 6,2004 on our consideration of the Partnership’s internal control over financialreporting and our tests of its compliance with certain provisions of laws,regulations, contracts and grants. That report is an integral part of an auditperformed in accordance with *Government Auditing Standards*and shouldbe read in conjunction with this report in considering the results of ouraudit.

 

 

Little ShaneyfeltMarshall Romine & Co.

Little Rock, AR

February 6, 2004

 

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INDEPENDENTAUDITORS’ REPORT

 

To the Partners

Blanchard SeniorsApartments II

 

We have audited the accompanying balance sheet ofBlanchard Seniors Apartments II (the Partnership) as of December 31, 2003, andthe related staternents of Income, partners’ equity, and cash flows For theyear then ended. These Financial statenients are the responsibility of thePartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based oil Our audit. Tile financial statements of’Blanchard Seniors Apartments 11 as of December 31, 2002, were audited by otherauditors whose report (fated March 12, 2003, expressed an unqualified opinionon those statements.

 

We conducted our audit in accordance with auditingstandards generally accepted in tile United States of America and the Standardsfor Financial and Compliance Audits contained in *Government Auditing Standards*issuedby the Comptroller General of the United States. Those standards require thatwe plan and perforrm the audit to obtain reasonable assurance about whether thefinancial staternents are free of material misstatement. Ail audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial staternents. An audit also Includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial staternent presentation. We believe that ouraudit provides a reasonable basis for our opinion.

 

In our opinion, the financial staternents referred toabove present fairly, in all material respects, the financial position of’Blanchard Seniors Apartments 11 as of’ December 31, 2003, and the results 01’its operations and its cash flows for the year then ended in conformity withaccounting principles generally accepted in the United States of America.

 

In accordance with *Government Auditing Standards,*we havealso issued our report dated February 4, 2004, on our consideration ofBlanchard Seniors Apartments II’s internal control over financial reporting andour tests of its compliance with certain provisions of laws, regulations,contracts and grants.  That report is anintegral part of an audit performed in accordance with *Government Auditing Standards*andshould be read in con junction with this report in considering the results ofour audit.

 

Our audit was made for the purpose of forming anopinion on the basic financial statements taken as a whole. The accompanyingschedules listed in the table of contents are presented for the purpose ofadditional analysis and are not a required part of the basic financialstaternents of Blanchard Seniors Apartments IL.  Such Information has been subjected to the auditing proceduresapplied in the audit of the basic financial statements and, in Our opinion, isfairly stated in all material respects in relation to the basic financial statementstaken as a whole.

 

 

Cameron, Hines &Hartt

West Monroe, Louisiana

February 4, 2004

 

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INDEPENDENTAUDITORS’ REPORT

 

To the Partners

Brantwood Lane LimitedPartnership

 

We have audited theaccompanying balance sheets of Brantwood Lane Limited Partnership (a Georgialimited partnership) as of December 31, 2003 and 2002, and the relatedstatements of operations, partners’ equity (deficit), and cash flows for theyears then ended. These financial statements are the responsibility of thePartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

 

We conducted our auditsin accordance with U.S. generally accepted auditing standards and the standardsapplicable to financial audits contained in *Government Auditing Standards*issued bythe Comptroller General of the United States. Those standards require that weplan and perform the audits to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Brantwood Lane Limited Partnership as ofDecember 31, 2003 and 2002, and the results of its operations and its cashflows for the years then ended in conformity with U.S. generally acceptedaccounting principles.

 

In accordance with *GovernmentAuditing Standards,*we have also issued our report dated January 31,2004, on our consideration of the Partnership’s internal control over financialreporting and our tests of its compliance with certain provisions of laws,regulations, contracts, and grants. That report is an integral part of an auditperformed in accordance with *Government Auditing Standards*and shouldbe read in conjunction with this report in considering the results of ouraudits.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplementary information listed in the table of contents ispresented for purposes of additional analysis and is not a required part of thebasic financial statements of the Partnership. Such information has beensubjected to the auditing procedures applied in the audits of the basicfinancial statements and, in our opinion, is fairly stated in all materialrespects in relation to the basic financial statements taken as a whole.

 

 

Bernard Robinson &Company, L.L.P.

Charlotte, North Carolina

January 31, 2004

 

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**Independent Auditors’ Report**

 

To The Partners

Breckenridge Apartments,Limited Partnership

 

We have audited theaccompanying balance sheets of Breckenridge Apartments, Limited Partnership asof December 31, 2003 and 2002, and the related statements of operations,partners’ capital (deficit) and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America, and with *Government Auditing Standards*issued bythe Comptroller General of the United States. Those standards require that weplan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Breckenridge Apartments, LimitedPartnership as of December 31, 2003 and 2002, and the results of its operationsand its cash flows for the years then ended in conformity with accountingprinciples generally accepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report January 29, 2004 onour consideration of Breckenridge Apartments, Limited Partnership’s internalcontrol over financial reporting and our consideration of its compliance withcertain provisions of laws, regulations, contracts, and grants. That report isan integral part of an audit performed in accordance with *Government Auditing Standards*andshould be read in conjunction with this report in considering the results ofour audit.

 

 

Crisp Hughes Evans, LLP

Greenville, SouthCarolina

January 29 2004

 

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**Independent Auditors’ Report**

 

To The Partners

Briarwood II, Ltd.

 

We have audited theaccompanying balance sheets of Briarwood II, Ltd. (a Florida LimitedPartnership), USDA-RD Project No.: 09-010-592972167 as of December 31, 2003 and2002, and the related statements of operations, partners’ equity and cash flowsfor the years then ended. These financial statements are the responsibility ofthe partnership’s management. Our responsibility is to express an opinion onthese financial statements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and the standards applicable to financial audits contained in GovernmentAuditing Standards, issued by the Comptroller General of the United States.Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation.We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present in all material respects, thefinancial position of Briarwood II, Ltd. (a Florida Limited Partnership),USDA-RD Project No.: 09-010-592972167, as of December 31, 2003 and 2002, andthe results of its operations, changes in partners’ equity and cash flows forthe years then ended in conformity with accounting principles generallyaccepted in the United States of America.

 

In accordance GovernmentAuditing Standards, we have also issued our report dated February 2, 2003on our consideration of Briarwood II, Ltd.’s internal control over financialreporting and our tests of its compliance with certain provisions of laws,regulations, contracts, and grants. That report is an integral part of an auditperformed in accordance with Government Auditing Standards and should beread in conjunction with this report in considering the results of our audit.

 

Our audits were performedfor the purpose of forming an opinion on the basic financial statements takenas a whole. The supplemental information on pages 13-17 is presented forpurposes of additional analysis and is not a required part of the basicfinancial statements.  Such informationhas been subjected to the auditing procedures applied in the audits of thebasic financial statements and, in our opinion, is fairly stated, in allmaterial respects, in relation to the basic financial statements taken as awhole.

 

 

James Knutzen &Associates, C.P.A.’s, P.A.

Jacksonville, Florida

February 2, 2004

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners of

California Investors VII

 

We have audited theaccompanying balance sheets of California Investors VII (a California LimitedPartnership) as of December 31, 2003 and 2002, and the related statements ofoperations, partners’ capital, and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America, Those standards require that we plan and perform the audits toobtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used andsignificant-estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of California Investors VII as of December 31,2003 and 2002, and the results of its operations, changes in partners’ capital,and its cash flows for the years then ended in conformity with accountingprinciples generally accepted in the United States of America.

 

Our audits were made forthe purpose of fortning an opinion on the basic financial statements taken as awhole. The additional information included in this report (shown on pages 18and 19) is presented for purposes of additional analysis and is not a requiredpart of the basic financial statements. Such information has been subjected tothe auditing procedures applied in the audits of the basic financial statementsand, in our opinion, is fairly stated in all material respects in relation tothe basic financial statements taken as a whole.

 

 

Ercolini Company LLP

Boston, MA

January 24, 2004

 

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INDEPENDENTAUDITORS’ REPORT

 

To the Partners

Carleton Court LimitedPartnership

 

We have audited theaccompanying balance sheet of Carleton Court Limited Partnership, Project No.434023319, as of December 31, 2003, and the related statements of operations,changes in partners’ equity and cash flows for the year then ended. Thesefinancial statements are the responsibility of Carleton Court LimitedPartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audit.

 

We conducted our audit inaccordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in *GovernmentAuditing Standards,*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform an audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audit provides a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Carleton Court Limited Partnership as ofDecember 31, 2003, and the results of its operations and its cash flows for theyear then ended in conformity with accounting principles generally accepted inthe United States of America.

 

In accordance with *GovernmentAuditing Standards, we*have also issued a report dated February 6,2004 on our tests of Carleton Court Limited Partnership’s compliance withcertain provisions of laws, regulations, contracts and grants. This report isan integral part of an audit performed in accordance with *Government Auditing Standards*andshould be read in conjunction with this report in considering the results ofour audit.

 

Our audit was conductedfor the purpose of forming an opinion on the basic financial statements takenas a whole. The supplemental information in the schedules (shown on pages 17through 21) is presented for purposes of additional analysis and is not arequired part of the basic financial statements. Such information has beensubjected to the auditing procedures applied in the audit of the basicfinancial statements and, in our opinion, is fairly stated, in all materialrespects, in relation to the financial statements taken as a whole.

 

 

Restivo Monacelli LLP

Providence, Rhode Island

February 6, 2004

 

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**INDEPENDENT AUDITOR’S REPORT**

 

To the Partners

Carriage Run LimitedPartnership

 

I have audited theaccompanying balance sheets of Carriage Run Limited Partnership, as ofDecember 31, 2003 and 2002 and the related statements of operations,changes in partners’ deficit, and cash flows for the years then ended. Thesefinancial statements are the responsibility of management. My responsibility isto express an opinion on these financial statements based on my audit.

 

I conducted my audit inaccordance with generally accepted auditing standards and GovernmentAuditing Standards issued by the Comptroller General of the United States,and the U.S. Department of Agriculture, Farmers Home Administration AuditProgram. Those standards require that I plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatements presentation. I believe that my audit provides a reasonable basisfor my opinion.

 

In my opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Carriage Run Limited Partnership, as ofDecember 3 1, 2003 and 2002 and the results of its operations, changes inpartners’ deficit, and its cash flow for the years then ended in conformitywith generally accepted accounting principles.

 

In accordance withgovernment auditing standards, I have also issued reports datedFebruary 12, 2004 on my consideration of Carriage Run LimitedPartnership’s internal control and on its compliance with laws and regulations.

 

My audit was made for thepurpose of fort-ning an opinion on the basic financial statements taken as awhole. The supplemental information is presented for purposes of additionalanalysis and is not a required part of the basic financial statements. Suchinformation has been subjected to the auditing procedures applied in the auditsof the basic financial statements and, in my opinion, is fairly stated in allmaterial respects in relation to the financial statements taken as a whole.

 

 

Patterson & Company,P.C.

McLean, Virginia

February 12, 2004

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners

Cedarwood ApartmentsLimited Partnership

Raleigh, North Carolina

 

We have audited theaccompanying balance sheets of Cedarwood Apartments Limited Partnership as ofDecember 31, 2003 and 2002 and the related statements of operations,partners’ equity and cash flows for the years then ended. These financialstatements are the responsibility of the Partnership’s management. Ourresponsibility is to express an opinion on these financial statements based onour audits.

 

We conducted our auditsin accordance with U.S. generally accepted auditing standards and the standardsapplicable to financial audits contained in *Government Auditing Standards,*issued bythe Comptroller General of the United States. Those standards require that weplan and perform the audits to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Cedarwood Apartments Limited Partnership asof December 31, 2003 and 2002 and the results of its operations, changesin partners’ equity and cash flows for the years then ended in conformity withU.S. generally accepted accounting principles.

 

In accordance with *GovernmentAuditing Standards,*we have also issued our report datedJanuary 23, 2004 on our consideration of Cedarwood Apartments LimitedPartnership’s internal control over financial reporting and our tests of itscompliance with certain provisions of laws, regulations, contracts and grants.This report is an integral part of an audit performed in accordance with *GovernmentAuditing Standards*and should be read in conjunction with thisreport in considering the results of our audit.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The accompanying supplementary information on pages 12 and 13 ispresented for purposes of additional analysis and is not a required part of thebasic financial statements of Cedarwood Apartments Limited Partnership. Suchinformation has been subjected to the auditing procedures applied in the auditsof the basic financial statements and, in our opinion, is fairly stated in allmaterial respects in relation to the basic financial statements taken as awhole.

 

 

Thomas, Judy &Tucker, P.A.

Raleigh, North Carolina

January 23, 2004

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners of

Chaparral Associates:

 

I have audited theaccompanying balance sheets of Chaparral Associates, a Limited Partnership .(the “Partnership”) as of December 31, 2003 and 2002, and the relatedstatements of operations, partners’ capital, and cash flows for the years thenended. These financial statements are the responsibility of the Partnership’smanagement. My responsibility is to express an opinion on these financialstatements based on my audits.

 

I conducted my audits inaccordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in *GovernmentAuditing Standards*issued by the Comptroller General of the UnitedStates, and contained in the U.S. Department of Agriculture, Farmers HomeAdministration *Audit Program.*Those standards require that I plan andperform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. I believe that my audits provide a reasonablebasis for my opinion.

 

In my opinion the****financialstatements referred to above present fairly, in all material respects, thefinancial position of the Partnership as of December 31, 2003 and 2002,and the results of its operations and its cash flows for the years then endedin conformity with generally accepted accounting principles.

 

In accordance with *GovernmentAuditing Standards, I*have also issued my report datedFebruary 4, 2004 on my consideration of the Partnership’s internal controlover financial reporting and on my tests of its compliance with certainprovisions of laws and regulations, contracts, and grants. That report is anintegral part of an audit performed in accordance with *Government Auditing Standards*andshould be read in conjunction with this report in considering the results of myaudit.

 

The accompanyingsupplementary information (beginning on page 10) is presented for purposes ofadditional analysis and is not a required part of the basic financialstatements. Such information has been subjected to the auditing proceduresapplied in the audit of the basic financial statements and, in my opinion, isfairly stated, in all material respects, in relation to the financialstatements taken as a whole.

 

 

LAURIE A. LEE

Las Vegas, Nevada

February 4, 2004

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners

College Greene RentalAssociates, L.P.

 

We have audited theaccompanying balance sheet of College Greene Rental Associates, L.P. (a limitedpartnership) as of December 31, 2003 and 2002, and the related statementsof operations and partners’ capital (deficit) and cash flows for the years thenended. These financial statements arc the responsibility of the Partnership’smanagement. Our responsibility is to express an opinion on these financialstatements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally tccepted ia the United Statesof America. Those standards require that we plan and perform the audits toobtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a t--st basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of College Greene Rental Associates, L.P. asof December 31, 2003 and 2002, and the results of its operations and itscash flows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

 

SALMIN, CELONA, WEHRLE& FLAHERTY, LLP

Rochester, New York

January 30, 2004

 

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INDEPENDENTAUDITORS’REPORT

 

To the Partners

COLORADO CITY SENIORSAPARTMENTS, LTD.

 

We have audited theaccompanying balance sheet of COLORADO CITY SENIORS APARTMENTS, LTD., RHSProject No.. 55-068-721125815 as of December 31, 2003, and the relatedstatement of operations, partners’ equity (deficit) and cash flows for the yearthen ended. These financial statements are the responsibility of thepartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audit. The financial statements of COLORADOCITY SENIORS APARTMENTS, LTD. as of December 31, 2002, were audited byother auditors whose report dated February 18, 2003 expressed anunqualified opinion on those statements.

 

We conducted our audit inaccordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in *GovernmentAuditing Standards,.*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audit provides a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of COLORADO CITY SENIORS APARTMENTS, LTD. asof December 31, 2003, and the results of its operations, changes inpartners’ equity (deficit) and cash flows for the year then ended in conformitywith accounting principles generally accepted in the United States of America.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information presented on pages 15 through 21 ispresented for purposes of additional analysis and is not a required part of thebasic financial statements. Such information has been subjected to the auditingprocedures applied in the audits of the basic financial statements and, in ouropinion, is fairly stated in all material respects in relation to the basicfinancial statements taken as a whole.

 

In accordance with *GovernmentAuditing Standards,*we have also issued our report datedFebruary 29, 2004, on our consideration of COLORADO CITY SENIORSAPARTMENTS, LTD.’s internal control over financial reporting and our tests ofits compliance with certain provisions of laws, regulations, contracts, andgrants. That report is an integral part of an audit performed in accordancewith *GovernmentAuditing Standards*and should be read in conjunction with the reportin considering the results of our audit.

 

 

Bond & Tousignant

Monroe, Louisiana

February 29, 2004

 

3

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INDEPENDENTAUDITORS’ REPORT

 

To the Partners

COTTONWOOD APARTMENTS II

 

We have audited theaccompanying balance sheet of Cottonwood Apartments 11 (tile Partnership) as ofDecember 31, 2003, and the related statements of income, partners’ equity,and cash flows for tile year then ended. These financial statements are theresponsibility of the Partnership’s management. Our responsibility is toexpress all opinion on these financial statements based oil our audit. Thefinancial statements of Cottonwood Apartments II as of December 31, 2002,were andited by other auditors whose report dated March 3, 2003, expressedan upqualified opinion on those statements.

 

We conducted our audit Inaccordance with auditing standards generally accepted in tile United States ofAmerica and tile Standards for Financial and Compliance Audits contained in *GovernmentAuditing Standards*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether tile financial staternents are free ofmaterial misstatement. Ali audit Includes examining, on a test basis, evidencesupporting the amounts and disclosures in tile financial staternents. Ali auditalso Includes assessing the accounting principles used and significantestimates made by management, as well as evaluating tile overall financialstaternent presentation. We believe that Our audit provides a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Cottonwood Apartments II as ofDecember 31, 2003, and the results of its operations and its cash flowsfor tile year then ended in conformity with asccounting principles generallyaccepted in the United States of America.

 

In accordance with *GovernmentAuditing,Standards,*we have also issued our report datedFebruary 13, 2004, oil Our consideration of Cottonwood Apartments II’sinternal control over financial reporting and our tests of’ its compliance withcertain provisions of laws. regulations, contracts and grants. That report isan integral part of an audit performed in accordance with *Government Auditing Standards*andshould be read in confunction with this report in considering the results ofour audit.

 

Our audit was made forthe purpose of lorming all opinion oil the basic financial statements taken asa whole. The accompanying schedules listed in the table of contents arepresented for the purpose of additional analysis and are not a required part ofthe basic financial statements of Cottonwood Apartments II.  Such information has been subjected to theauditiing procedures applied in the audit of the basic financial statementsand, in our opinion, is fairly stated in all material respects in relation tothe basic financial statements taken as a whole.

 

 

Cameron, Hines &Hartt

West Monroe, Louisiana

February 13, 2004

 

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INDEPENDENTAUDITORS’ REPORT

 

To the Partners

Crystal Springs Family,L.P.

Crystal Springs,Mississippi

 

We have audited theaccompanying balance sheets of Crystal Springs Family, L.P. a limitedpartnership, RHS Project No.: 28-015-006239103 as of December 31, 2003 and2002, and the related statements of operations, partners’ capital and cashflows for the years then ended. These financial statements are theresponsibility of the partnership’s management. Our responsibility is toexpress an opinion on these financial statements based on our audits.

 

We conducted the auditsin accordance with auditing standards generally accepted in the United Statesof America and *Government Auditing Standards*issued by the ComptrollerGeneral of the United States, and the U.S. Department of Agriculture, FarmersHome Administration Audit Program. Those standards require that we plan andperform the audits to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that the audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Crystal Springs Family, L.P., RES ProjectNo.: 28-015-006239103 as of December 31, 2003 and 2002, and the results ofits operations and its cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

The audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information on pages 10 through 12 is presented forpurposes of additional analysis and is not a required part of the basicfinancial statements. The supplemental information presented in the MultipleFamily Housing Borrower Balance Sheet (Form FmHA 1930-8) Parts I and II for theyear ended December 31, 2003 and 2002, is presented for purposes ofcomplying with the requirements of the Rural Housing Services and is also not arequired part of the basic financial statements. Such information has beensubjected to the audit procedures applied in the audit of the basic financialstatements and, in our opinion is fairly stated in all material respects inrelation to the basic financial statements taken as a whole.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report datedJanuary 31, 2004 on our consideration of Crystal Springs Family, L.P.’s,internal control over financial reporting and on our tests of its compliancewith certain provisions of laws and regulations. That report is an integralpart of an audit performed in accordance with *Government Auditing Standards*andshould be read in conjunction with this report in considering the results ofour audit.

 

 

DONALD W. CAUSEY &ASSOCIATES, P.C.

Gadsden, Alabama

January 31, 2004

 

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**Independent Auditors’ Report**

 

To The Partners

Devenwood Apartments, ALimited Partnership

 

We have audited theaccompanying balance sheets of Devenwood Apartments, A Limited Partnership asof December 31, 2003 and 2002, and the related statements of operations,partners’ deficit and cash flows for the years then ended. These financialstatements are the responsibility of the Partnership’s management. Ourresponsibility is to express an opinion on these financial statements based onour audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America, and with *Government Auditing Standards*issued bythe Comptroller General of the United States. Those standards require that weplan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provides a reasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Devenwood Apartments, A Limited Partnershipas of December 31, 2003 and 2002, and the results of its operations and itscash flows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report datedJanuary 29, 2004 on our consideration of Devenwood Apartments, A LimitedPartnership’s internal control over financial reporting and our considerationof its compliance with certain provisions of laws, regulations, contracts, andgrants. That report is an integral part of an audit performed in accordancewith *GovernmentAuditing Standards*and should be read in conjunction with thisreport in considering the results of our audit.

 

 

CRISP HUGHES EVANS LLP

Greenville, SouthCarolina

January 29, 2004

 

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**Independent Auditors’ Report**

 

To the Partners

Excelsior SpringsProperties, LP

 

We have audited theaccompanying balance sheets of Excelsior Springs Properties, LP as of’December 31, 2002 and 2003, and the related statements of income, owners’equity, and cash flows for the years then ended.  These financial statements are the responsibility of thepartnership’s management.  Ourresponsibility is to express an opinion on these financial statements based onour audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America. Those atandards require that we plan and perform the audit toobtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation.We beleve that our audits provide a reasonable basis for opur opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Excelsior Springs Properties, LP as ofDecember 31, 2003, and results of its operations, changes in owners’equity and cash flows for the years then ended in conformity with accountingprinciples generally accepted in the United States of America.

 

 

Howe & Associates, PC

Columbia, Missouri

February 16, 2004

 

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IndependentAuditors’ Report

 

To the Partners

Franklin Vista III, Ltd.

and USDA RuralDevelopment

 

We have audited theaccomparrying balance sheets of Franklin Vista 111, Ltd. (a limitedpartnership) as of December 31, 2003 and 2002, and the related statementsof operations, partners’ equity and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audits,

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and Government Auditing Standards, issued by the ComptrollerGeneral of the United States. Those standards require that we plan and performthe audit to obtain reasonable assurance about whether the financial statementsare free of material misstatement. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financialstatements. An audit, also includes assessing the accounting principles usedand significant estimates made by management, as well as evalluating theoverall financial statement presentation. We believe that, our, audits providea reasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Franklin Vista III, Ltd.****asof December 31, 2003 and 2002, and the results of its operations and thechanges in partners’ equity and cash flows for the years then ended inconformity with accounting principles generally accepted in the United Statesof America.

 

In accordance with GovernmentAuditing Standards, we have also issued a report dated January 16,2004, on our consideration of Franklin Vista III, Ltd.’s internal control overfinancial reporting and our tests of its compliance with certain provisions oflaws, regulations, contracts and grants. That report is an integral, part of anaudit performed in accordance with Government Auditing Standards, andshould be read in conjunction with this report in understanding the results ofour audit.

 

Our audits were conductedfor the purpose of forming an opinion on the financial statements taken as awhole. The supplemental information included in the report is presented forpurposes of additional analysis and is not a required part of the financialstatements of Franklin Vista III, Ltd. Such information has been subjected tothe auditing procedures applied in the audit of the financial statements and,in our opinion, is fairly stated in all material respects in relation to thefinancial statements taken as a whole.

 

 

Keystone Accounting,L.L.C.

Farmington, New Mexico

January 16, 2004

 

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IndependentAuditors’ Report

 

To the Partners

Friendship Village, LLLP

Bethesda, Maryland

 

We have audited theaccompanying balance sheets of Friendship Village, LLLP as of December 31, 2003 and 2002, and the related statements of income, changes in partners’capital and cash flows for the years then ended. These financial statements arethe responsibility of the Partnership’s management. Our responsibility is toexpress an opinion on these financial statements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America, Government Auditing Standards issued by the Comptroller General ofthe United States and the U.S. Department of Agriculture, Farmers HomeAdministration Audit Program. Those standards require that we plan and performthe audit to obtain reasonable assurance about whether the financial statementsare free of material misstatement. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Friendship Village, LLLP as ofDecember 31, 2003 and 2002 and the results of its operations, and cashflows for the years then ended in conformity with accounting principles generallyaccepted in the United States of America.

 

In accordance withGovernment Auditing Standards, we have also issued our reports datedMarch 5,2004 on our consideration of Friendship Village, LLLP’s internalcontrol and on its compliance with laws and regulations.

 

 

REGARDIE, BROOKS &LEWIS

Bethesda, Maryland

March 5, 2004

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners of

Haven Park Partners III

(A California LimitedPartnership)

Fresno, California

 

We have audited theaccompanying balance sheets of Haven Park Partners III, a California LimitedPartnership (the “Partnership”), as of December 31, 2003 and 2002, and therelated statements of operations, partners’ equity (deficit) and cash flows forthe years then ended. These financial statements are the responsibility of thePartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America. Those standards require that we plan and perform the audit toobtain reasonable assurance about whether the financial statements are free ofmaterial misstatement., An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of the Partnership as of December 31,2003 and 2002 and the results of its operations, changes in partners’ equity(deficit) and cash flows for the years then ended in conformity with accountingprinciples generally accepted in the United States of America.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements taken as a whole.The supplementary information on page 11 is presented for purposes ofadditional analysis and is not a required part of the basic financialstatements. Such information has been subjected to the auditing proceduresapplied in the audit of the basic financial statements and, in our opinion, isfairly stated in all material respects in relation to the basic financialstatements taken as a whole.

 

 

JANZEN, TAMBER & WONG

Fresno, California

January 21, 2004

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners of

Haven Park Partners IV

(A California LimitedPartnership)

Fresno, California

 

We have audited theaccompanying balance sheets of Haven Park Partners IV, a California LimitedPartnership (the “Partnership”), as of December 31, 2003 and 2002, and therelated statements of operations, partners’ equity (deficit) and cash flows forthe years then ended. These financial statements are the responsibility of thePartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America. Those standards require that we plan and perform the audit toobtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significant estimatesmade by management, as well as evaluating the overall financial statementpresentation. We believe that our audits provide a reasonable basis for ouropinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all material respects,the financial position of the Partnership as of December 31, 2003 and 2002and the results of its operations, changes in partners’ equity (deficit) andcash flows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplementary information on page I I is presented for purposes ofadditional analysis and is not a required part of the basic financialstatements. Such information has been subjected to the auditing proceduresapplied in the audit of the basic financial statements and, in our opinion, isfairly stated in all material respects in relation to the basic financialstatements taken as a whole.

 

 

JANZEN, TAMBER & WONG

Fresno, California

January 21, 2004

 

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INDEPENDENTAUDITORS’ REPORT

 

To the Partners

HUGHES SPRINGS SENIORSAPARTMENTS, LTD.

 

We have audited theaccompanying balance sheet of HUGHES SPRINGS SENIORS APARTMENTS, LTD., RHSProject No. 49-034-721156758 as of December 31, 2003, and the relatedstatements of operations, partners’ equity (deficit) And cash flows for theyear then ended. These financial statements are the responsibility of thepartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audit. The financial statements of HUGHESSPRINGS SENIORS APARTMENTS, LTD. as of December 31, 2002, were audited byother auditors whose report dated March 3, 2003 expressed an unqualifiedopinion on those statements.

 

We conducted our audit inaccordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in *GovernmentAuditing Standards,*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financial statementpresentation. We believe that our audit provides a reasonable basis for ouropinion.

 

In our opinion thefinancial statements referred to above present fairly, in all materialrespects, the financial position of HUGHES SPRINGS SENIORS APARTMENTS, LTD. asof December 31, 2003, and the results of its operations, changes inpartners’ equity (deficit) and cash flows for the year then ended in conformitywith accounting principles generally accepted in the United States of America.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information presented on pages 15 through 21 ispresented for purposes of additional analysis and is not a required part of thebasic financial statements. Such information has been subjected to the Auditingprocedures applied in the audits of the basic financial statements and, in ouropinion, is fairly stated in all material respects in relation to the basicfinancial statements taken as a whole.

 

In accordance with *GovernmentAuditing Standards,*we have also issued our report datedMarch 19, 2004, on our consideration of HUGHES SPRINGS SENIORS APARTMENTS,LTD.’s internal control over financial reporting and our tests of itscompliance with certain provisions of laws, regulations, contracts, and grants.That report is an integral part of an audit performed in accordance with *GovernmentAuditing Standards*and should be read in conjunction with the reportin considering the results of our audit.

 

 

Bond & Tousignant

Monroe, Louisiana

March 19,2004

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners

La Gema Del Barrio, ACalifornia Limited Partnership

 

I have audited theaccompanying balance sheets of La Gema Del Barrio, A California LimitedPartnership, as of December 31, 2003 and 2002, and the related statementsof operations, partners’ equity, and cash flows for the years then ended. Thesefinancial statements are the responsibility of the partnership’s management. Myresponsibility is to express an opinion on these financial statements based onmy audits.

 

I conducted my audits inaccordance with auditing standards generally accepted in the United States.Those standards require that I plan and perform the audits to obtain reasonableassurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation.I believe that my audits provide a reasonable basis for my opinion.

 

In my opinion theaccompanying financial statements referred to above present fairly, in allmaterial respects, the financial position of La Gema Del Barrio, A CaliforniaLimited Partnership as of December 31, 2003 and 2002, and the results ofits operations, the changes in partners’ equity, and cash flows for the yearsthen ended in conformity with accounting principles generally accepted in theUnited States,

 

My audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information on page 13 is presented for purposes ofadditional analysis and is not a required part of the basic financialstatements. Such information has been subjected to the auditing proceduresapplied in the audit of the basic financial statements and, in my opinion, isfairly stated in all material respects in relation to the basic financialstatements taken as a whole.

 

 

SCHONWIT & ASSOCIATES

January 20, 2004

 

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IndependentAuditor’s Report

 

To the Partners

Lakeview Meadows LimitedDividend

Housing AssociationLimited Partnership

 

We have audited theaccompanying balance sheet of Lakeview Meadows Limited Dividend HousingAssociation Limited Partnership (a Michigan limited partnership) MSHDADevelopment No. 874, as of December 31, 2003 and 2002**,**and the related statementsof income, partners’ equity (deficit), and cash flows for the years then ended.These financial statements are the responsibility of the Partnership’smanagement. Our responsibility is to express an opinion on these financialstatements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and *Government Auditing Standards,*issued by the ComptrollerGeneral of the United States. Those standards require that we plan and performthe audits to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Lakeview Meadows Limited Dividend HousingAssociation Limited Partnership**, MSHDA**Development No. 874, as ofDecember 31, 2003 and 2002**,**and the results of its operations,changes in partners’ equity (deficit), and its cash flows for the years thenended, in conformity with accounting principles generally accepted in theUnited States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued our report dated February 6,2004, on our consideration of Lakeview Meadows Limited Dividend HousingAssociation Limited Partnership’s internal control over financial reporting andon our tests of its compliance with certain provisions of laws, regulations,contracts, and grants. The report is an integral part of an audit performed inaccordance with *Government Auditing Standards*and should be read inconjunction with this report in considering the results of our audits.

 

 

PLANTE & MORAN, PLLC

East Lansing, Michigan

February 6, 2004

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners

Lakewood Terrace LimitedPartnership

Mansfield, Massachusetts

 

We have audited theaccompanying balance sheet of Lakewood Terrace Limited Partnership (a FloridaLimited Partnership) as of December 31, 2003, and the related statementsof operations, changes in partners’ equity and cash flows for the year thenended. These financial statements are the responsibility of Lakewood TerraceLimited Partnership’s management. Our responsibility is to express an opinionon these financial statements based on our audit,

 

We conducted our audit inaccordance with auditing standards generally accepted in the United. States ofAmerica. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audit provides a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Lakewood Terrace Limited Partnership as ofDecember 31, 2003, and the results of its operations and its cash flowsfor the year then ended in conformity with accounting principles generallyaccepted in the United States of America.

 

Our audit was conductedfor the purpose of forming an opinion on the basic financial statements takenas a whole. The supplemental information included in the schedules (shown onpages 16 and 17) is presented for purposes of additional analysis and is not arequired part of the basic financial statements. Such information has beensubjected to the auditing procedures applied in the audit of the basicfinancial statements and, in our opinion, is fairly stated, in all materialrespects, in relation to the financial statements taken as a whole.

 

 

Restivo Monacelli LLP

Providence, Rhode Island

February 16, 2004

 

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**Independent Auditors’ Report**

 

To the Partners

Lonaconing AssociatesLimited Partnership

DBA Lana Lu Apartments

Rockville, Maryland

 

We have audited theaccompanying balance sheets of Lonaconing Associates Limited Partnership (alimited partnership), DBA Lana Lu Apartments, Case No. 24-001-521702607, as ofDecember 31, 2003 and 2002, and the related statements of income, changesin partners’ equity (deficit) and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America, the standards of applicable to financial audits contained in *GovernmentAuditing Standards*issued by the Comptroller General of the UnitedStates, and the U.S. Department of Agriculture, Farmers Home Administration“Audit Program,” issued in December 1989. Those standards require that weplan and perforin the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, the evidence supporting the amounts and disclosuresin the financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Lonaconing Associates Limited Partnership,DBA Lana Lu Apartments, Case No. 24-001-521702607, at December 3 1, 2003and 2002, and the results of its operations, and cash flows for the years thenended in conformity with accounting principles generally accepted in the UnitedStates of Arnerica.

 

In accordance with *GovernmentAuditing Standards*and the U.S. Department of Agriculture, FarmersHome Administration “Audit Program,” issued in December 1989, we have alsoissued a report dated January 9, 2004, on our consideration of’ LonaconingAssociates Limited Partnership’s internal control and on compliance withspecific requirements applicable to Rural Housing Service Programs. Thosereports are an integral part of ail audit performed in accordance with *GovernmentAuditing Standards*and should be read In conjunction with thisreport in considering the results of our audit.

 

 

Fentress, Brown, CPAs& Associates, LLC

Columbus, Ohio

January 9, 2004

 

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INDEPENDENTAUDITORS’ REPORT

 

To the Partners

Louis Associates, L.P.

Louisville, Mississippi

 

We have audited theaccompanying balance sheets of Louis Associates, L.P. a limited partnership,RLIS Project No.: 28-080-640788796 as of December 31, 2003 and 2002, andthe related statements of operations, partners’ capital and cash flows for theyears then ended. These financial statements are the responsibility of thepartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

 

We conducted the auditsin accordance with auditing standards generally accepted in the United Statesof America and *Government Auditing Standards*issued by the ComptrollerGeneral of the United States, and the U.S. Department of Agriculture, FarmersHome Administration Audit Program. Those standards require that we plan andperform the audits to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that the audits provide areasonable basis for our opinion.

 

In our opinion, tilefinancial statements referred to above present fairly, in all materialrespects, the financial position of Louis Associates, L.P., REIS Project No.:28-080-640788796 as of December 31, 2003 and 2002, and the results of itsoperations and its cash flows for the years then ended in conformity withaccounting principles generally accepted in tile United States of America.

 

The audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information on pages I I through 13 is presented forpurposes of additional analysis and is not a required part of the basicfinancial statements. The supplemental information presented in the MultipleFamily Housing Borrower Balance Sheet (Form FmHA 1930-8) Parts I and 11 for theyear ended December 3 1, 2003 and 2002, is presented for purposes ofcomplying with the requirements of the Rural Housing Services and is also not arequired part of the basic financial statements. Such information has beensubjected to the audit procedures applied in the audit of the basic financialstatements and, in our opinion is fairly stated in all material respects inrelation to the basic financial statements taken as a whole.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report datedFebruary 10, 2004 on our consideration of’ Louis Associates, L.P.’s,internal control over financial reporting and on our tests of its compliance withcertain provisions of laws and regulations. That report is an integral part ofan audit performed in accordance with *Government Auditing Standards*and shouldbe read in conjunction with this report in considering the results of ouraudit.

 

 

DONALD W. CAUSEY &ASSOCIATES, P.C.

Gadsden, Alabama

February 10, 2004

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners

Maidu Properties

(A California LimitedPartnership)

Rocklin, California

 

I have audited theaccompanying balance sheets of Maidu Properties ( A California LimitedPartnership) as of December 31, 2003 and 2002, and the related statementsof income, partners’ equity, and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnership’s management. Myresponsibility is to express an opinion on these financial statements based onmy audits.

 

I conducted my audits inaccordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that I plan and perform the audits to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. I believe that my audit provides a reasonable basis formy opinion.

 

In my opinion thrfinancial statements referred to above present fairly, in all materialrespects, the financial position of Maidu Properties (A California LimitedPartnership) as of December 31, 2003 and 2002, and the results of itsoperations and its cash flows for the years then ended in fornformity withaccounting principles generally accepted in the United States of America.

 

My audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplementary information for the years ended December 31, 2003and 2002, on pages 12 and 13, is presented for purposes of additional analysisand is not a required part of the basic financial statements. Such informationhas been subjected to the audit procedures applied in the audits of the basicfinancial statements and, in my opinion, is fairly stated in all materialrespects in relation to the basic financial statements taken as a whole.

 

 

BERNARD E. REA, CPA

Stockton, California

February 11, 2004

 

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INDEPENDENTAUDITORS’ REPORT

 

To the Partners

McComb Family, L.P.

McComb, Mississippi

 

We have audited theaccompanying balance sheets of McComb Family, L.P., a limited partnership, RHSProject No.: 28-057-640795197 as of December 31, 2003 and 2002, and therelated statements of operations, partners’ deficit and cash flows for theyears then ended. These financial statements are the responsibility of thepartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

 

We conducted the auditsin accordance with auditing standards generally accepted in the United Statesof America and *Government Auditing Standards*issued by the ComptrollerGeneral of the United States, and the U.S. Department of Agriculture, FarmersHome Administration Audit Program. Those standards require that we plan andperform the audits to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that the audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of McComb Family, L.P., RHS Project No.:28-057-640795197 as of December 31, 2003 and 2002, and the results of itsoperations and its cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

The audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information on pages 10 through 12 is presented forpurposes of additional analysis and is not a required part of the basicfinancial statements. The supplemental information presented in the MultipleFamily Housing Borrower Balance Sheet (Form FmHA 1930-8) Parts I and II for theyear ended December 31, 2003 and 2002, is presented for purposes ofcomplying with the requirements of the Rural Housing Services and is also not arequired part of the basic financial statements. Such information has beensubjected to the audit procedures applied in the audit of the basic financialstatements and, in our opinion is fairly stated in all material respects inrelation to the basic financial statements taken as a whole.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report datedJanuary 31, 2004 on our consideration of McComb Family, L.P. internalcontrol over financial reporting and on our tests of its compliance withcertain provisions of laws and regulations. That report is an integral part ofan audit performed in accordance with *Government Auditing Standards*and shouldbe read in conjunction with this report in considering the results of our audit

 

 

DONALD W. CAUSEY &ASSOCIATES, P.C.

Gadsden, Alabama

January 31, 2004

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners

Montague Place LimitedPartnership

Lansing, Michigan

 

We have audited theaccompanying balance sheets of Montague Place Limited Partnership as ofDecember 31, 2003 and 2002, and the related statements of net loss,partners’ equity (deficit) and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and the standards applicable to financial audits contained in *GovernmentAuditing Standards,*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Montague Place Limited Partnership as ofDecember 31, 2003 and 2002, and the results of its operations and its cashflows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report dated March 2,2004 on our consideration of the Partnership’s internal control over financialreporting and on our tests of its compliance with certain provisions of laws,regulations, contracts, and grants. That report is an integral part of an auditperformed in accordance with *Government Auditing Standards*and shouldbe read in conjunction with this report in considering the results of ouraudit.

 

 

Maner, Costerisan &Ellis, P.C.

Lansing, Michigan

March 2, 2004

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners

Navapai Associates

 

I have audited theaccompanying balance sheets of Navapai Associates, a Limited Partnership (the“Partnership”) as of December 31, 2003 and 2002, and the relatedstatements of operations, partners’ capital, and cash flows for the years thenended. These financial statements are the responsibility of the Partnership’smanagement. My responsibility is to express an opinion on these financialstatements based on my audits.

 

I conducted my audits inaccordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in *GovernmentAuditing Standards*issued by the Comptroller General of the UnitedStates, and contained in the U.S. Department of Agriculture, Farmers HomeAdministration *Audit Program.*Those standards require that I plan andperform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. I believe that my audits provide a reasonablebasis for my opinion.

 

In my opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of the Partnership as of December 31,2003 and 2002, and the results of its operations and its cash flows for theyears then ended in conformity with generally ended in conformity withgenerally accepted accounting principles.

 

In accordance with *GovernmentAuditing Standards, I*have also issued my report datedFebruary 4, 2004 on my consideration of the Partnership’s internal controlover financial reporting and on my tests of its compliance with certainprovisions of laws and regulations, contracts, and grants. That report is anintegral part of an audit performed in accordance with *Government Auditing Standards*andshould be read in conjunction with this report in considering the results of myaudit.

 

The accompanyingsupplementary information (beginning on page 10) is presented for purposes ofadditional analysis and is not a required part of the basic financialstatements. Such information has been subjected to the auditing proceduresapplied in the audit of the basic financial statements and, in my opinion, isfairly stated, in all material respects, in relation to the financialstatements taken as a whole.

 

 

LAURIE A. LEE

Las Vegas, Nevada

February 4, 2004

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners

One Northridge LimitedPartnership

 

We have audited theaccompanying balance sheets of One Northridge Limited Partnership as ofDecember 31, 2003 and 2002, and the related statements of operations,partners’ equity (deficit), and cash flows for the year then ended. Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America. Those standards require that we plan and perform the audits toobtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures ill the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor Our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all material respectsthe financial position of One Northridge Limited Partnership as ofDecember 31, 2003 and 2002, and results of its operations, changes inpartners’ equity (deficit), and cash flows for the years then ended inconformity with accounting principles gnerally accepted in the United States ofAmerica.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole, The supplemental information on page 12 is presented for purposes ofadditional analysis and is not a required part of the basic financialstatements. Such information has been Subjected to the auditing proceduresapplied in the audits of the basic financial statements and, in our opinion,is. fairly stated in all material respects in relation to the basic financialstatements taken as a whole.

 

 

Monteith, Lacy &Sharkey, LLC

Ornaha.. Nebraska

April 30 2004

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners

Pine Ridge ElderlyApartments Limited Partnership

Raleigh, North Carolina

 

We have audited theaccompanying balance sheets of Pine Ridge Elderly Apartments LimitedPartnership as of December 31, 2003 and 2002 and the related statements ofoperations, partners’ equity and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audits.

 

We conducted our auditsin accordance with U.S. generally accepted auditing standards. Those standardsrequire that we plan and perform the audits to obtain reasonable assuranceabout whether the financial statements are free of material misstatement. Anaudit includes examining, on a test basis, evidence supporting the amounts anddisclosures in the financial statements. An audit also includes assessing theaccounting principles used and significant estimates made by management, aswell as evaluating the overall financial statement presentation. We believethat our audits provide a reasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Pine Ridge Elderly Apartments LimitedPartnership as of December 31, 2003 and 2002 and the results of itsoperations, changes in partners’ equity and cash flows for the years then endedin conformity with U.S. generally accepted accounting principles.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The accompanying supplementary information on page 11 is presented forpurposes of additional analysis and is not a required part of the basicfinancial statements of Pine Ridge Elderly Apartments Limited Partnership. Suchinformation has been subjected to the audit procedures applied in the audits ofthe basic financial statements and, in our opinion, is fairly stated in allmaterial respects in relation to the basic financial statements taken as awhole.

 

 

THOMAS, JUDY &TUCKER, P.A.

Raleigh, North Carolina

January 23, 2004

 

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**Independent Auditor’s Report**

 

To the Partners

**Rainier Manor Associates Limited Partnership**

Columbia, Maryland

 

We have audited theaccompanying balance sheets of **Rainier Manor Associates Limited Partnership**as of December 31, 2003 and the related statements of profit and loss,partners’ equity and cash flows for the years then ended. These financialstatements are the responsibility of the Partnership’s management. Ourresponsibility is to express an opinion on these financial statements based onour audits.

 

We conducted our audit inaccordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained inGovernment Auditing Standards, issued by the Controller General of the UnitedStates.  Those standards require that weplan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that our auditprovides a reasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of **Rainier Manor Associates Limited Partnership**as of December 31, 2003 and the results of its operations and cash flowsfor the year then ended in conformity with accounting principles generallyaccepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued our reports datedJanuary 16, 2004 on our consideration of **Rainier Manor Associates LimitedPartnership’s**internal controls and on our tests of its compliancewith certain provisions of laws, regulations, contracts, and grants. Thosereports are an integral part of an audit performed in accordance with *GovernmentAuditing Standards*and should be read in conjunction with thisreport in considering the results of our audit.

 

The accompanyingsupplemental information (shown on pages 14 to 19) is presented for purposes ofadditional analysis and is not a required part of the basic financialstatements of the Partnership. Such information has been subjected to theauditing procedures applied in the audit of the basic financial statements and,in our opinion, is fairly stated, in all material respects, in relation to thebasic financial statements taken as a whole.

 

 

Aronson & Company

Rockville, Maryland

January 16, 2004

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners of

Rosenberg BuildingAssociates Limited Partnership

Mansfield, Massachusetts

 

We have audited theaccompanying balance sheets of Rosenberg Building Associates LimitedPartnership as of December 31, 2003 and 2002, and the related statementsof operations, partners’ capital, and cash flows for the years then ended.These financial statements are the responsibility of the Partnership’smanagement. Our responsibility is to express an opinion on these financialstatements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America, Those standards require that we plan and perform the audits toobtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used andsignificant-estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Rosenberg Building Associates LimitedPartnership as of December 31, 2003 and 2002, and the results of itsoperations, changes in partners’ capital, and its cash flows for the years thenended in conformity with accounting principles generally accepted in the UnitedStates of America.

 

As discussed in Note 6,the Partnership has a contract with the Housing Authority of the City of SantaRosa, California to receive HUD Section 8 rental assistance for all 77apartment units at the Project.  Thecontract expires on Decembrer 31, 2004. HUD has been granting one-year renewals of Section 8 HousingAssistance Payments (HAP) contracts lupon their expirations.  At the present time, it is uncertain whetherfurther renewals will be given by HUD when the contract expires.  As permitted, management intends to renewits HAP contract.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The additional information included in this report (shown on pages 18and 19) is presented for purposes of additional analysis and is not a requiredpart of the basic financial statements. Such information has been subjected tothe auditing procedures applied in the audits of the basic financial statementsand, in our opinion, is fairly stated in all material respects in relation tothe basic financial statements taken as a whole.

 

 

Ercolini Company LLP

Boston, MA

January 29, 2004

 

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INDEPENDENTAUDITORS’ REPORT

 

To the Partners

Schroon Lake HousingRedevelopment Company

 

We haveauditedthe accompanying balance sheets of Schroon Lake Housing Redevelopment Companyas of December 31, 2003and the related statements of operations,partners’ equity (deficit), and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on the financial statements basedon our audits.

 

We conducted our audit inaccordance with auditing standards generally accepted in the United States ofAmerica and Government Auditing Standards issued by the ComptrollerGeneral of the United States of America. Those standards require that we planand perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by Management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a, reasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Schroon Lake Housing Redevelopment Companyas of December 31, 2003 and 2002, and the results of its operations andits cash flows for the years then ended in conformity with accountingprinciples generally accepted in the United States of America.

 

In accordance with GovernmentAuditing Standards issued by the Comptroller General of the United Statesof America, we have also issued reports dated January 29, 2004 on ourconsideration of Schroon Lake Housing Redevelopment Company’s internal controlstructure and its compliance with laws and regulations.

 

 

FECTEAU & COMPANY,PLLC

Albany, New York

January 29, 2004

 

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INDEPENDENTAUDITORS’ REPORT

 

It the Partners

SMITHVILLE PROPERTIES, LP

 

We have audited theaccompany baslance sheets of Smithville Properties, LP as of’ December 31,2002 and 2003. and the related statements of income, owners’ equity, and cashflows for the years then ended.. These financial statements are theresponsibility of the partnership’s management.  Our responsibility is to express an opinion on these financialstatements bassed on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America. Those atandards require that we plan and perform the audit toobtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We beleve that our audits provide a reasonable basisfor opur opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Smithville Properties, LP as ofDecember 31, 2002 and 2003, and results of its operations, changes inowners’ equity and cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

 

Howe & Associates, PC

Columbia, Missouri

February 23, 2004

 

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INDEPENDENTAUDITORS’ REPORT

 

To the Partners

South Fulton Elderly,L.P.

Fulton, Mississippi

 

We have audited theaccompanying balance sheets of South Fulton Elderly, L.P., a limitedpartnership, RHS Project No.: 28-029-0026239101 as of December 31, 2003and 2002, and the related statements of operations, partners’ deficit and cashflows for the years then ended. These financial statements are theresponsibility of the partnership’s management. Our responsibility is toexpress an opinion on these financial statements based on our audits.

 

We conducted the auditsin accordance with auditing standards generally accepted in the United Statesof America and *Government Auditing Standards*issued by the ComptrollerGeneral of the United States, and the U.S. Department of Agriculture, FarmersHome Administration Audit Program. Those standards require that we plan andperform the audits to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that the audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of South Fulton Elderly, L.P. RES Project No.:28-029-0026239 101 as of December 3 1, 2003 and 2002, and the results ofits operations and its cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

The audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information on pages 10 through 12 is presented forpurposes of additional analysis and is not a required part of the basicfinancial statements. The supplemental information presented in the MultipleFamily Housing Borrower Balance Sheet (Form Fn-iHA 1930-8) Parts I and 11 forthe year ended December 31, 2003 and 2002, is presented for purposes ofcomplying with the requirements of the Rural Housing Services and is also not arequired part of the basic financial statements. Such information has beensubjected to the audit procedures applied in the audit of the basic financialstatements and, in our opinion is fairly stated in all material respects inrelation to the basic financial statements taken as a whole.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report datedFebruary 3, 2004 on our consideration of South Fulton Elderly, L.P. internalcontrol over financial reporting and on our tests of its compliance withcertain provisions of laws and regulations. That report is an integral part ofan audit performed in accordance with *Government Auditing Standards*and shouldbe read in conjunction with this report in considering the results of ouraudit.

 

 

DONALD W. CAUSEY &ASSOCIATES, P.C.

Gadsden, Alabama

February 3, 2004

 

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INDEPENDENTAUDITORS’ REPORT

 

To the Partners

St. Barnabas RidgeLimited Partnership

d/b/a Snow Hill RidgeApartments

Raleigh, North Carolina

 

We have audited theaccompanying balance sheets of St. Barnabas Ridge LimitedPartnershipd/b/a Snow Hill Ridge Apartments as of December 31, 2003 and 2002 and therelated statements of operations, partners’ equity, and cash flows for theyears then ended.  These financialstatements are the responsibility of the Partnership’s management.  Our responsibility is to express an opinionon these financial statements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and *Government Auditing Standards issued*by the ComptrollerGeneral of the United States. Those standards require that we plan and performthe audit to obtain reasonable assurance about whether the financial statementsare free of material misstatement. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespectes, the financial position of St. Barnabas Ridge Limited Partnership asof December 31, 2003 and 2002 and the results of its operations and itscash flows for the years then ended in conformity with accounting principalsgenerally accepted in the United States of America. 

 

In accordance with *GovernmentAuditing Standards,*we have also issued our report datedJanuary 15, 2004 on our consideration of St. Barnabas Ridge LimitedPartnership’s internal control over financial reporting and our tests of itscompliance with certain provisions of laws, regulations, contracts and grants.That report is an integral part of an audit performed in accordance with *GovernmentAuditing Standards*and should be read in conjunction with thisreport in considering the results of our audit.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplementary information on pages 11 and 12 is presented forpurposes of additional analysis and is not a required part of the basicfinancial statements. Such information has been subjected to the auditprocedures applied in the audits of the basic financial statements and, in ouropinion, is fairly stated in all material respects in relation to the basicfinancial statements taken as a whole.

 

 

DIXON ODOM PLLC

High Point, NorthCarolina

January 15, 2004

 

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INDEPENDENTAUDITORS’ REPORT

 

To the Partners

Standardsville VillageLimited Partnership

RHS No. 54-48-541523939

North Main Street

Standardsville, Virginia22973

 

We have audited theaccompanying balance sheets of Standardsville Village Limited Partnership, RHSNo. 5448-541523939 as of December 31, 2003 and 2002, and the relatedstatements ‘of operations, partners’ capital (deficiency), and cash flows forthe years then ended. These financial statements are the responsibility of thePartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America. Those standards require that we plan and perform the audit toobtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespectes, the financial position of Standardsville Village Limited Partnershipas of December 31, 2003 and 2002 and the results of its operations and itscash flows for the years then ended in conformity with accounting principalsgenerally accepted in the United States of America. 

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplementary information on pages 10 and 11 is presented forpurposes of additional analysis and is not a required part of the basicfinancial statements. Such information has been subjected to the auditingprocedures applied in the audit of the basic financial statements and, in ouropinion, is fairly stated in all material respects in relation to the basicfinancial statements taken as a whole.

 

 

ERIC COHEN &ASSOCIATES, P.C.

Gaithersburg, Maryland

February 24, 2004

 

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**Independent Auditors’ Report**

 

To the Partners

Titusville ApartmentsLimited Partnership

DBA Titusville Apartments

Rockville, Maryland

 

We have audited theaccompanying balance sheets of Titusville Apartments Limited Partnership (alirnited partnership), DBA Titusville Apartments, Case No. 44-020-521618663, asof’ December 31, 2003 and 2002, and the related statements of income,changes in partners’ equity (deficit) and cash flows for the years then ended.These financial statements are the responsibility of the Partnership’smanagement. Our responsibility is to express an opinion on these financialstatements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America, the standards of applicable to financial audits contained in *GovernmentAuditing Standards*issued by the Comptroller General of the UnitedStates, and the U.S. Department of Agriculture, Farmers Home Administration“Audit Program,” issued in December 1989. Those standards require that weplan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, the evidence supporting the amounts and disclosuresin the financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Titusville Apartments Limited Partnership,DBA Titusville Apartments, Case No. 44-020-521618663, at December 31, 2003and 2002, and the results of its operations, and cash flows for the years thenended in conformity with accounting principles generally accepted in the UnitedStates of America.

 

In accordance with *GovernmentAuditing Standards*and the U.S. Department of Agriculture, FarmersHome Administration “Audit Program,” issued in December 1989, we have alsoissued a report dated January 9, 2004, on our consideration of TitusvilleApartments Limited Partnership’s internal control and on compliance withspecific requirements applicable to Rural Housing Service Programs. Thosereports are an integral part of an audit performed in accordance with *GovernmentAuditing Standards*and should be read in conjunction with thisreport in considering the results Of Our audit.

 

 

Fentress, Brown, CPAs& Associates, LLC

Columbus, Ohio

January 9, 2004

 

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**INDEPENDENT AUDITOR’S REPORT**

 

To the Partners

Victoria LimitedPartnership

 

I have audited theaccompanying balance sheets of Victoria Limited Partnership as ofDecember 31, 2003 and 2002 and the related statements of operations,changes in partners’ deficit, and cash flows for the years then ended. Thesefinancial statements are the responsibility of management. My responsibility isto express an opinion on these financial statements based on my audits.

 

I conducted my audits inaccordance with generally accepted auditing standards and GovernmentAuditing Standards issued by the Comptroller General of the United States,and the U.S. Department of Agriculture, Farmers Home Administration AuditProgram. Those standards require that I plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatements presentation. I believe that my audit provides a reasonable basisfor my opinion.

 

In my opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Victoria Limited Partnership, as ofDecember 31, 2003 and 2002 and the results of its operations, changes inpartners’ deficit, and its cash flow for the years then ended in conformitywith generally accepted accounting principles.

 

In accordance withgovernment auditing standards, I have also issued reports datedFebruary 12, 2004 on my consideration of Victoria Limited Partnership’sinternal control and on its compliance with laws and regulations.

 

My audit was made for thepurpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information is presented for purposes of additionalanalysis and is not a required part of the basic financial statements. Suchinformation has been subjected to the auditing procedures applied in the auditsof basic financial statements and, in my opinion, is fairly stated in allmaterial respects in relation to the financial statements taken as a whole.

 

 

Patterson & Company,P.C.

McLean, Virginia

February 12, 2004

 

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**Independent Auditors’ Report**

 

To the Partners

Wesley Village AssociatesLimited Partnership

DBA Wesley VillageApartments

Rockville, Maryland

 

We have audited theaccompanying balance sheets of Wesley Village Associates Limited Partnership (alimited partnership), DBA Wesley Village Apartments, Case No. 57-002-521397397,as of December 31, 2003 and 2002, and the related statements of income,changes in partners’ equity (deficit) and cash flows for the years then ended.These financial statements are the responsibility of the Partnership’smanagement. Our responsibility is to express an opinion on these financialstatements based on our audits.

 

We conducted our auditsIn accordance with auditing standards generally accepted in the United Statesof America, the standards of applicable to financial audits contained in *GovernmentAuditing Standards*issued by the Comptroller General of the UnitedStates, and the U.S. Department of Agriculture, Farmers Home Administration“Audit Program,” issued in December 1989. Those standards require that weplan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, the evidence supporting the amounts and disclosuresin the financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of’Wesley Village Associates LimitedPartnership, DBA Wesley Village Apartments, Case No. 57-002521397397, atDecember 31, 2003 and 2002, and the results of its operations, and cashflows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards*and the U.S. Department of Agriculture, Farn-iersHome Administration “Audit Program,” issued in December 1989, we have alsoissued a report dated January 9, 2004, on our consideration of WesleyVillage Associates Limited Partnership’s internal control and on compliancewith specific requirements applicable to Rural Housing Service Programs. Thosereports are an integral part of an audit performed in accordance with *GovernmentAuditing Standards*and should be read in conjunction with thisreport in considering the results of out- audit.

 

 

Fentress, Brown, CPAs& Associates, LLC

Columbus, Ohio

January 9, 2004

 

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INDEPENDENTAUDITORS’ REPORT

 

To the Partners

Woodfield Commons LimitedPartnership

 

We have audited theaccompanying balance sheet of Woodfield Commons Limited Partnership as ofDecember 31, 2003, and the related statements of operations, partners’equity, and cash flows for the year then ended.  These financial statements are the responsibility of the Partnership’smanagement.  Our responsubility is toexpress an opinion on these financial statements based on our audit.

 

We conducted our audit inaccordance with auditing standards generally accepted in the United States ofAmerica.  Those standards requlire thatwe plan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement.  An audit inclludes exasmining, on a testbasis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing theaccounting principles used and significant estimates made by management, aswell as evaluating the overall financial statement presentation.  We believe that our audit provides areasonable basis for our opinion.

 

In our opinion, thefinancisal statements referred to above present fairly, in all materialrespects, the financial position of Woodfield Commons Limited Partnership, asof December 31, 2003, and the results of its operations, changes inpartners’ equity, and cash flows for the year then ended in conformity withaccounting principles generally accepted in the United States of America.

 

 

Larson, Allen Weishair& Co., LLP

Eau Claire, Wisconsin,

January 25, 2004

 

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INDEPENDENTAUDITORS’ REPORT

 

Metropole ApartmentsAssociates, Ltd. 

Boston, Massachusetts

 

We have audited theaccompanying Balance Sheets of Metropole Apartments Associates, Ltd. (a FloridaL1mited Partnership), as of December 31, 2002 and 2001, and the relatedStatements of Income, Partners’ Equity and Cash Flows for the years then ended.These financial statements are the responsibility of Metropole ApartmentsAssociates, Ltd.’s management. Our responsibility is to express an opinion onthese financial statements based on our audit. 

 

We conducted our audit inaccordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements, An audit also includesassessing the accounting principles used and significant estimates made bymanagement as well as evaluating the overall financial statementpresentation.  We believe that ouraudits provide, a reasonable basis for our opinion. 

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Metropole Apartments Associates, Ltd, as ofDecember 31, 2002 and 2001, and the results of its operations, the changesin partners’ deficit and cash flaws for the years then ended in conformity withaccounting principles generally accepted in the United States of America. 

 

Our audit was made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information is presented for purposes of additionalanalysis and is not a required part of the basic financial statements. SuchInformation has been subjected to the audit procedures applied in the audit ofthe basic financial statements and, in our opinion, is fairly stated in allmaterial respects in relation to the basic financial statements taken as a whole.

 

 

BLOOM, GETTIS, HABIB,SILVER & TERRONE, P.A.

Miami, FL

February 11, 2003

 

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INDEPENDENTAUDITORS’ REPORT

 

To the Partners of 

Beaver Brook HousingAssociates Limited Partnership

 

We have audited theaccompanying balance sheets of Beaver Brook Housing Associates LimitedPartnership (Case No. 34-06-020424443) as of December 31, 2002 and 2001and the related statements of income and expense, partners’ deficit, and cashflows for the years then ended. These financial statements are the responsibilityof the Partnership’s management. Our responsibility is to express an opinion onthese financial statements based on our audits. 

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and the standards applicable to financial audits contained inGovernment Auditing Standards, issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audits to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significant estimatesmade by management, as well as evaluating the overall financial statementpresentation. We believe that our audits provide a reasonable basis for ouropinion. 

 

In our opinion, the financial statements referred to above present fairy, in all material respects, the financial position of Beaver Brook HousingAssociates Limited Partnership at December 31, 2002 and 2001 and theresults of its operations, its partners’ deficit and its cash flows for theyears then ended in conformity with accounting principles generally accepted inthe United States of America.

 

In accordance with Government Auditing Standards, we have also issuedour report dated January 21, 2003 on our consideration of Beaver BrookHousing Associates’ internal control and on its compliance with laws andregulations. That report is an integral part of an audit performed inaccordance with Government Auditing Standards and should be read in conjunctionwith this report in considering the results of our audit.

 

Our audits were conducted for the purpose of forming an opinion on thebasic financial statements taken as a whole. The supplemental data included inSchedules 1, 2 3 and 4 is presented for the purposes of additional analysis andis not a required part of the basic financial statements. The supplemental datahas been subjected to the auditing procedures applied in the audits of thebasic financial statements and, in our opinion, is fairly stated in allmaterial respects in relation to the basic financial statements taken as awhole.

 

 

JOHN G. BURK AND ASSOCIATES

Keene, NH

January 21, 2003

 

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INDEPENDENTAUDITORS’REPORT

 

February 8,2003 

 

To the Partners

Hacienda Villa Associates,

a Limited Partnership

 

We have audited the accompanying balance sheet of Hacienda VillaAssociates, a Limited Partnership, as of December 31, 2002, and therelated statements of operations, partners’ equity and cash flows for the yearthen ended. These financial statements are the responsibility of thepartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audit.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America. Those standards require that we plan and perform the audit toobtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as wall as evaluating the overall financialstatement presentation. We believe that our audit provides a reasonable basisfor our opinion. 

 

In our opinion, thefinancial statements referred to above present fairly in all material respects,the financial position of Hacienda Villa Associates, a Limited Partnership, asof December 31, 2002, and the results of its operations, changes inpartners’ equity and cash flows for the year then ended, in conformity withaccounting principles generally accepted in the United States of America. 

 

Our audit was made for the purpose of forming an opinion on the basicfinancial statements taken as a whole. The supplemental information on pages 12and 13 is presented for purposes of additional analysis and is not a requiredpart of the basic financial statements. Such information has been subjected tothe auditing procedures applied in the audit of the basic financial statementsand, in our opinion, is fairly stated in all material respects in relation tothe basic financial statements taken as a whole.

 

 

ABACI & GARABEDIAN

Fresno, CA

February 8, 2003

 

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INDEPENDENTAUDITORS’ REPORT

 

To the Partners 

Maywood Associates, Ltd. 

A California LimitedPartnership 

Corning, California 

 

We have audited theaccompanying balance sheet of Maywood Associates, Ltd., A California LimitedPartnership, USDA, Rural Development Project Number 04-052-680184284, as ofDecember 31, 2002, and the related statements of operations, changes inpartners’ equity (deficit), and cash flows for the year then ended. Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audit. The financial statements of Maywood Associates, Ltd. as ofDecember 31, 2001, were audited by other auditors whose report, datedMarch 11, 2002, expressed an unqualified opinion on those statements. 

 

We conducted our audit inaccordance with auditing standards generally accepted in the United States ofAmerica and Government Auditing Standards issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the auditto obtain reasonable assurance about whether the financial statements are freeof material misstatement. An audit includes examining, on a test basis,evidence supporting the amounts and disclosures in the financial statements. Anaudit also includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audit provides a reasonable basisfor our opinion. 

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Maywood Associates, Ltd., as ofDecember 31, 2002, and the results of its operations, changes in partners’equity (deficit), and cash flows for the year then ended, in conformity withaccounting principles generally accepted in the United States of America. 

 

In accordance withGovernment Auditing Standards, we have also issued a report datedJanuary 22, 2003 on our consideration of Maywood Associates, Ltd.’sinternal control structure and a report dated January 22, 2003 on itscompliance with laws and regulations. Those reports are an integral part of anaudit performed in accordance with Government Auditing Standards and should beread in conjunction with this report in considering the results of our audit. 

 

Our audit was conductedfor the purpose of forming an opinion on the basic financial statements takenas a whole. The accompanying supplemental and other information is presentedfor purposes of additional analysis and is not a required part of the financialstatements of Maywood Associates, Ltd. Such information has been subjected toauditing procedures applied in our audit of the financial statements and, inour opinion, is fairly stated in all material respects in relation to thefinancial statements taken as a whole. 

 

 

S.J. GALLINA & CO.LLP

Sacramento, CA

January 22, 2003

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners 

Raitt Street Apartments,A California Limited Partnership 

 

I have audited theaccompanying balance sheets of, Raitt Street Apartments, A California LimitedPartnership, as of December 31, 2002 and 2001, and the related statementsof operations, partners’ equity, and cash flows for the years then ended.  These financial statements are theresponsibility of the partnership’s management. My responsibility is to expressan opinion on these financial statements based on my audits. 

 

I conducted my audits inaccordance with auditing standards generally accepted in the United States.Those standards require that I plan and perform the audits to obtain reasonableassurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements.  An audit also includes assessing theaccounting principles used and significant estimates made by management, aswell as evaluating the overall financial statement presentation. I believe thatmy audits provide a reasonable basis for my opinion. 

 

In my opinion theaccompanying financial statements referred to above present fairly, in allmaterial respects, the financial position of Raitt Street Apartments, ACalifornia Limited Partnership as of December 31, 2002 and 2001, and theresults of its operations, the changes in partners’ equity, and cash flows forthe years then ended in conformity with accounting principles generallyaccepted in the United States. 

 

My audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information on page 13 is presented for purposes ofadditional analysis and is not a required part of the basic financialstatements. Such information has been subjected to the auditing proceduresapplied in the audit of the basic financial statements and, in my opinion, isfairly stated in all material respects in relation to the basic financialstatements taken as a whole.

 

 

SCHONWIT & ASSOCIATES

Costa Mesa, CA

January 24, 2003

 

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INDEPENDENTAUDITORS’ REPORT

 

To the Partners

Springfield HousingAssociates, L.P.

Springfield, Illinois

 

We have audited theaccompanying balance sheet of Springfield Housing Associates, L.P., (a limitedpartnership), as of December 31, 2002 and the related statements ofoperations, partners’ capital, and cash flows for the year then ended. Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audit.

 

We conducted our audit inaccordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audit provides a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Springfield Housing Associates, L.P., (alimited partnership) as of December 31, 2002, and the results of itsoperations, changes in partners’ capital and its cash flows for the year thenended in conformity with accounting principles generally accepted in the UnitedStates of America.

 

 

MUELLER, WALLA &ALBERTSON, P.C.

Crestwood, MD

January 25, 2003

 

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IndependentAuditor’s Report

 

To the Partners

Tappahannock GreensLimited Partnership

 

I have audited theaccompanying balance sheets of Tappahannock Greens Limited Partnership as ofDecember 3l, 2002 and 2001, and the related statements of operations,partners’ deficit and cash flows for the years then ended. These financialstatements are the responsibility of the Partnership’s management. Myresponsibility is to express an opinion on these financial statements based onmy audits.

 

I conducted my audits inaccordance with generally accepted auditing standards and Government AuditingStandards issued by the Comptroller General of the United States, and the U.S.Department of Agriculture, Farmers Home Administration Audit Program. Thosestandards require that I plan and perform the audits to obtain reasonableassurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation.I believe that my audits provide a reasonable basis for my opinion.

 

In my opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Tappahannock Greens Limited Partnership asof December 31, 2002 and 2001, and the results of its operations, changesin partners’ deficit, and its cash flows for the years then ended in conformitywith generally accepted accounting principles.

 

In accordance withGovernment Auditing Standards, I have also issued my report datedFebruary 15, 2003 on my consideration of Tappahannock Greens LimitedPartnership’s internal control over financial reporting and on my tests of itscompliance with certain provisions of laws and regulations.

 

 

THOMAS C. CUNNINGHAM,CPA, PC

Bristol, VA

February 15, 2003

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners

Maidu Properties

(A California LimitedPartnership)

Rocklin, California

 

I have audited theaccompanying balance sheets of Maidu Properties (A California LimitedPartnership, as of December 31, 2002 and 2001, and the related statementsof income, partners’ equity, and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnership’s management. Myresponsibility is to express an opinion on these financial statements based onmy audits.

 

I conducted my audits inaccordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that I plan and perform the audits to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. I believe that my audit provides a reasonable basis formy opinion.

 

In my opinion, thefinancial statements referred to above present fairly, in all, materialrespects, the financial position of Maidu Properties (A California LimitedPartnership) as of December 31, 2002 and 2001, and the results of itsoperations and its cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

My audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplementary information for the years ended December 31, 2002and 2001, on pages 12 and 13, is presented for purposes of additional analysisand is not a required part of the basic financial statements. Such informationhas been subjected to the audit procedures applied in the audits of the basicfinancial statements and, in my opinion, is fairly stated in all material respectsin relation to the basic financial statements taken as a whole.

 

 

BERNARD E. REA, CPA

Stockton, California

February 8, 2003

 

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INDEPENDENTAUDITORS’ REPORT

 

To the Partners

Washington Heights IV, ALimited Partnership

Bismarck, North Dakota

 

We have audited theaccompanying balance sheets of Washington Heights IV, A Limited Partnership, asof December 31, 2002 and 2001 and the related statements of operations,partners’ equity and cash flows for the years then ended. These financialstatements are the responsibility of the partnership’s management. Ourresponsibility is to express an opinion on these financial statements based onour audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America. Those standards require that we plan and perform the audits toobtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Washington Heights IV, A LimitedPartnership as of December 31, 2002 and 2001 and the results of itsoperations, the changes in partners’ equity, and its cash flows for the yearsthen ended, in conformity with accounting principles generally accepted in theUnited States of America.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplementary information on page 10 is presented for purposes ofadditional analysis and is not a required part of the basic financialstatements. Such information has been subjected to the auditing proceduresapplied in the audit of the basic financial statements and, in our opinion, isfairly stated in all material respects in relation to the basic financialstatements taken as a whole.

 

 

LUDVIGSON, BRAUN & CO

Valley City, North Dakota

January 30, 2003

 

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INDEPENDENTAUDITORS’ REPORT

 

The Partners

Woodside HousingAssociates

 

We have audited thebalance sheets of Woodside Housing Associates (a limited Partnership), RD CaseNo. 23-01-010439878, as of December 31, 2002 and 2001, and the relatedstatements of operations, changes in partners’ equity (deficit), and cash flowsfor the years then ended. These financial statements are the responsibility ofthe Partnership’s management. Our responsibility is to express an opinion onthese financial statements based on our audits.

 

We conducted our auditsin accordance with U.S. generally accepted auditing standards and the standardsapplicable to financial audits contained in Government Auditing Standards,issued by the Comptroller General of the United States. Those standards requirethat we plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures in thefinancial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Woodside Housing Associates (a limitedPartnership) as of December 31, 2002 and 2001, and the results of its operationsand its cash flows for the years then ended in conformity with U.S. generallyaccepted accounting principles.

 

In accordance withGovernment Auditing Standards, we have also issued our report datedApril 3, 2003, on our consideration of Woodside Housing Associates’internal control over financial reporting and on our tests of its compliancewith certain provisions of laws, regulations, and contracts. That report is anintegral part of an audit performed in accordance with Government Auditing Standardsand should be read in conjunction with this report in considering the resultsof our audit.

 

Our audits were conductedfor the purpose of forming an opinion on the basic financial statements takenas a whole. The accompanying supplementary information on pages 12 through 14is presented solely for the use of the Department of Agriculture, RuralDevelopment (USDA-RD) and is not a required part of the basic financialstatements. The supplementary information has been subjected to the auditprocedures applied in the audits of the basic financial statements and in ouropinion is fairly stated in all material respects in relation to the basicfinancial statements taken as a whole.

 

 

BERRY, DUNN, MCNEIL &PARKER

Portland, Maine

April 3, 2003

 

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IndependentAuditor’s Report

 

To the Partners

Franklin SchoolAssociates

Great Falls, Montana

 

We have audited theaccompanying balance sheets of Franklin School Associates, Franklin SchoolApartments (Project) as of December 31, 2002 and 2001, and the restatedstatements of income, changes in partners’ equity (deficit) and cash flows forthe years then ended. These financial statements are the responsibility of theProject’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and Government Auditing Standards issued by the Comptroller Generalof the United States. Those standards require that we plan and perform theaudit to obtain reasonable assurance about whether the financial statements arefree of material misstatement. An audit includes examining, on a test basis,evidence supporting the amounts and disclosures in the financial statements. Anaudit also includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of the Project as of December 31, 2002and 2001, and the results in its operations, changes in partners’ equity(deficit), and cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

Our audits were conductedfor the purpose of forming an opinion on the basic financial statements takenas a whole. The accompanying supplemental information on pages 13 to 15 ispresented for purposes of additional analysis and is not a required part of thebasic financial statements of the Project. Such information has been subjectedto the auditing procedures applied in the audits of the basic financialstatements and, in our opinion, is fairly stated in all material respects, inrelation to the basic financial statements taken as a whole.

 

In accordance withGovernment Auditing Standards, we have also issued a report datedFebruary 5, 2003, on our consideration of the Project’s internal controlover financial reporting and on our tests of its compliance with certainprovisions of laws, regulations, contract, and grants. That report is anintegral part of an audit performed in accordance with Government AuditingStandards and should be read in conjunction with this report in considering theresults of our audit.

 

 

KAY L. BOWEN &ASSOCIATES

Ogden, UT

February 5, 2003

 

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INDEPENDENT AUDITORS’REPORT

 

To the Partners

London Arms/Lyn MarLimited Partnership

Boston, Massachusetts

 

We have audited theaccompanying Balance Sheets of London Arms/Lyn Mar, Ltd. (a Florida LimitedPartnership of December 31, 2002 and 2001 and the related Statements ofIncome, Partners’ Equity and Cash Flows for the years then ended, Thesefinancial statements are the responsibility of the management of LondonArms/Lyn Mar Limited Partnership. Our responsibility is to express an opinionon these financial statements based on our audit.

 

We conducted our audit inaccordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audit provides a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of London Arms/Lyn Mar Limited Partnership asof December 31, 2002 and 2001, and the results of its operations, thechanges in partners’ deficit and cash flows for the year then ended inconformity with accounting principles generally accepted in the United Statesof America.

 

Our audit was made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information is presented for purposes of additionalanalysis and is not a required part of the basic financial statements. SuchInformation has been subjected to the audit procedures applied in the audit ofthe basic financial statements and, in our opinion, is fairly stated in allmaterial respects in relation to the basic financial statements taken as awhole.

 

 

BLOOM, GETTIS, HABIB,SILVER & TERRONE, PA

Miami, Florida

February 11, 2003

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners

Maidu Properties

(A California LimitedPartnership)

Rocklin, California

 

I have audited theaccompanying balance sheets of Maidu Properties (A California LimitedPartnership), as of December 31, 2002 and 2001 related statements ofincome, partners’ equity, and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnership’s management. Myresponsibility is to express an opinion on these financial statements based onmy audits.

 

I conducted my audits inaccordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that I plan and perform the audits to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. I believe that my audit provides a reasonable basis formy opinion.

 

In my opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Maidu Properties (A California LimitedPartnership) as of December 31, 2002 and 2001, and the results of itsoperations and its cash flows for the years then ended in conformity with accountingprinciples generally accepted in the United States of America.

 

My audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplementary information for the years ended December 31, 2002and 2001, on pages 12 and 13, is presented for purposes of additional analysisand is not a required part of the basic financial statements. Such informationhas been subjected to the audit procedures applied in the audits of the basicfinancial statements and, in my opinion, is fairly stated in all materialrespects in relation to the basic financial statements taken as a whole.

 

 

BERNARD E. REA, CPA

Stockton, California

February 8, 2003

 

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INDEPENDENTAUDITORS’ REPORT

 

To the Partners

South Fork HeightsLimited Partnership

 

We have audited theaccompanying balance sheets of South Fork Heights Limited Partnership (a Texaslimited partnership), USDA Project No.: 05-53-742476220, as ofDecember 31, 2002 and 2001, and the related statements of operations,partners’ equity (deficit) and cash flows for the years then ended. Thesefinancial statements are the responsibility of the partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audits.

 

We conducted our auditsin accordance with U.S. generally accepted auditing standards and the standardsapplicable to financial audits contained in Government Auditing Standards,issued by the U.S. General Accounting Office. Those standards require that weplan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of South Fork Heights Limited Partnership asof December 31, 2002 and 2001, and the results of its operations and thecash flows for the years then ended in conformity with U.S. generally acceptedaccounting principles.

 

Our audits were performedfor the purpose of forming an opinion on the basic financial statements takenas a whole. The supplemental information on pages 11 - 21 is presented forpurposes of additional analysis required by the United States Department ofAgriculture and is not a required part of the basic financial statements. Suchinformation has been subjected to the auditing procedures applied in the auditof the basic financial statements and, in our opinion, is fairly stated, in allmaterial respects, in relation to the basic financial statements taken as awhole.

 

In accordance withGovernment Auditing Standards, we have also issued our report datedFebruary 11, 2003, on our consideration of South Fork Heights LimitedPartnership’s internal control over financial reporting and our tests of itscompliance with certain, provisions of laws, regulations, contracts and grants.This report is an integral part of an audit performed in accordance withGovernment Auditing Standards and should, be read in conjunction with thisreport in considering the results of our audit.

 

 

THOMPSON, DERRIG &CRAIG, P.C.

Bryan, TX

February 11, 2003

 

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INDEPENDENTAUDITORS’ REPORT

 

To the Partners of

Briarwick Apartments,Ltd.

 

We have audited theaccompanying balance sheet of Briarwick Apartments, Ltd. (a Kentucky limitedpartnership) as of December 31, 2002, and the related statements ofresults of operations, changes in partners’ capital and cash flows for the yearthen ended. These financial statements are the responsibility of thePartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audit. The financial statements of BriarwickApartments, Ltd. as of December 31, 2001 and 2000, were audited by otherauditors whose report dated March 28, 2002, expressed an unqualifiedopinion on those statements.

 

We conducted our audit inaccordance with auditing standards generally accepted in the United States ofAmerica, Government Auditing Standards, issued by the Comptroller General ofthe United States, and the provisions of the United States Department ofAgriculture, Rural Development audit program. Those standards require that weplan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudit provides a reasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Briarwick Apartments, Ltd. as ofDecember 31, 2002, and the results of its operations, changes in partners’capital and its cash flows for the years then ended in conformity withaccounting principles generally accepted, in the United States of America.

 

In accordance withGovernment Auditing Standards, we have also issued a report dated March 6,2003, on our consideration of Briarwick Apartments, Ltd.’s internal controlover financial reporting and tests of its compliance with certain provisions oflaws and regulations. That report is an integral part of an audit performed inaccordance with Government Auditing Standards and should be read in conjunctionwith this report in considering the results of our audit.

 

 

MORGAN-FRANKLIN, LLC

West Liberty, KY

March 6, 2003

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners

Franklin II LimitedPartnership

 

I have audited theaccompanying balance sheets of Franklin II Limited Partnership, RHS ProjectNo.: 55-009-541462949, as of December 31, 2002 and 2001, and the relatedstatements of operations, partners’ deficit and cash flows for the years thenended. These financial statements are the responsibility of the partnership’smanagement. My responsibility is to express an opinion on these financialstatements based on my audit.

 

I conducted my audit inaccordance with generally accepted auditing standards and Government AuditingStandards, issued by the Comptroller General of the United States. Thosestandards require that I plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial presentation. I believethat my audit provided a reasonable basis for my opinion.

 

In my opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Franklin II Limited Partnership, RHSProject No.: 55-009-541462949, as of December 31, 2002, and the results ofits operations, the changes in partners’ deficit and cash flows for the yearthe ended, in conformity with generally accepted accounting principles.

 

My audit was made for thepurpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information on pages 16 through 23 is presented forpurposes of additional analysis and is not a required part of the basicfinancial statements. Such information has been subjected to the auditingprocedures applied in the audit of the basic financial statements and, in myopinion, is fairly stated in all material respects in relation to the basicfinancial statements taken as a whole.

 

In accordance withGovernment Auditing Standards, I have also issued reports datedJanuary 10, 2003 on my consideration of Franklin II Limited Partnership’sinternal control and its compliance with laws and regulation applicable to thefinancial statements.

 

 

TIMOTHY FORCE, CPA

Bethesda, MD

January 10, 2003

 

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IndependentAuditors’ Report

 

To the Partners

Nye County Associates

(A California Limited Partnership)

DBA Spring Mountain Apartments

Cheyenne, Wyoming

 

We have audited theaccompanying balance sheet of Nye County Associates (A California LimitedPartnership) DBA Spring Mountain Apartments, USDA, Rural Development ProjectNumber 33-019-680192750, as of December 31, 2002, and the relatedstatements of operations, changes in partners’ equity (deficit), and cash flowsfor the year then ended. These financial statements are the responsibility ofthe Partnership’s management. Our responsibility is to express an opinion onthese financial statements based on our audit. The financial statements of NyeCounty Associates as of December 31, 2002, were audited by other auditorswhose report, dated March 11, 2002, expressed an unqualified opinion onthose statements.

 

We conducted our audit inaccordance with auditing standards generally accepted in the United States ofAmerica and Government Auditing Standards issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the auditto obtain reasonable assurance about whether the financial statements are freeof material misstatement. An audit includes examining, on a test basis,evidence supporting the amounts and disclosures in the financial statements. Anaudit also includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audit provides a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Nye County Associates, as ofDecember 31, 2002, and the results of its operations, changes in partners’equity (deficit), and cash flows for the year the ended, in conformity withaccounting principles generally accepted in the United States of America.

 

In accordance withGovernment Auditing Standards, we have also issued a report datedJanuary 17, 2003 on our consideration of Nye County Associates’ internalcontrol structure and a report dated January 17, 2003 on its compliancewith laws and regulations. Those reports are an integral part of an auditperformed in accordance with Government Auditing Standards and should be readin conjunction with this report in considering the results of our audit.

 

Our audit was conductedfor the purpose of forming an opinion on the basic financial statements takenas a whole. The accompanying supplemental and other information is presentedfor purposes of additional analysis and is not a required part of the financialstatements of Nye County Associates. Such information has been subjected toauditing procedures applied in our audit of the financial statements and, in ouropinion, is fairly stated in all material respects in relation to the financialstatements taken as a whole.

 

 

SJ GALLINA & CO., LLP

Sacramento, California

January 17, 2003

 

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INDEPENDENTAUDITORS’ REPORT

 

To the Partners

Prairie West ApartmentsIII, A Limited Partnership

West Fargo, North Dakota

 

We have audited theaccompanying balance sheets of Prairie West Apartments III, A LimitedPartnership, as of December 31, 2002 and 2001 and the related statementsof operations, partners’ equity and cash flows for the years then ended. Thesefinancial statements are the responsibility of the partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America. Those standards require that we plan and perform the audits toobtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Prairie West Apartments 111, A Limited Partnershipas of December 31, 2002 and 2001 and the results of its operations, thechanges in partners’ equity, and its cash flows for the years then ended, inconformity with accounting principles generally accepted in the United Statesof America.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplementary information on page 10 is presented for purposes ofadditional analysis and is not a required part of the basic financial statements.Such information has been subjected to the auditing procedures applied in theaudits of the basic financial statements and, in our opinion, is fairly statedin all material respects in relation to the basic financial statements taken asa whole.

 

 

LUDVIGSON, BRAUN &CO.

Valley City, North Dakota

January 30, 2003

 

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INDEPENDENTAUDITORS’ REPORT

 

To the Partners

Springfield HousingAssociates, L.P.

Springfield, Illinois

 

We have audited theaccompanying balance sheet of Springfield Housing Associates, L.P., (a limitedpartnership), as of December 31, 2002 and the related statements ofoperations, partners’ capital, and cash flows for the year then ended. Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audit.

 

We conducted our audit inaccordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation.We believe that our audit provides a reasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Springfield Housing Associates, L.P., (alimited partnership) as of December 31, 2002, and the results of itsoperations, changes in partners’ capital and its cash flows for the year thenended in conformity with accounting principles generally accepted in the UnitedStates of America.

 

 

MUELLER, WALLA &ALBERTSON, P.C.

Crestwood, MO

January 25, 2003

 

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INDEPENDENTAUDITORS’ REPORT

 

To the Partners

Waynesboro Associates, Limited

 

We have audited theaccompanying balance sheets of Waynesboro Associates, Limited (a Tennesseelimited partnership) d/b/a Waynesboro Village Apartments, RHS Project No.:48-091-621385326, as of December 31, 2002 and 2001, and the relatedstatements of operations, partners’ equity, and cash flows for the years thenended. These financial statements are the responsibility of the Partnership’smanagement. Our responsibility is to express an opinion on these financialstatements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and Government Auditing Standards, issued by the Comptroller Generalof the United States. Those standards require that we plan and perform the auditsto obtain reasonable assurance about whether the financial statements are freeof material misstatement. An audit includes examining, on a test basis,evidence supporting the amounts and disclosures in the financial statements. Anaudit also includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Waynesboro Associates, Limited (a Tennesseelimited partnership) d/b/a Waynesboro Village Apartments, RHS Project No.:48-091-621385326, as of December 31, 2002 and 2001, and the results of itsoperations, the changes in partners’ equity and its cash flows for the yearsthen ended in conformity with accounting principles generally accepted in theUnited States of America

 

In accordance withGovernment Auditing Standards, we have also issued a report datedJanuary 27, 2003 on our consideration of Waynesboro Associates, Limited’sinternal control over financial reporting and our tests of its compliance withcertain provisions of laws, regulations, contracts, and grants.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information on page 12 is presented for purposes ofadditional analysis and is not a required part of the basic financialstatements. Such information has been subjected to the audit procedures appliedin the audits of the basic financial statements and, in our opinion, is fairlystated in all material respects in relation to the basic financial statementstaken as a whole.

 

 

YORK, DILLINGHAM &COMPANY, PLLC

Columbia, Tennessee

January 27, 2003

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners

Windsor II Limited Partnership

 

I have audited the accompanying balance sheets of Windsor II LimitedPartnership, RHS Project No.: 54-057-541440877, as of December 31, 2002and 2001, and the related statements of operations, partners’ deficit and cashflows for the years then ended. These financial statements are theresponsibility of the partnership’s management. My responsibility is to expressan opinion on these financial statements based on my audit.

 

I conducted my audit inaccordance with generally accepted auditing standards and Government AuditingStandards issued by the Comptroller General of the United States. Thosestandards require that I plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial presentation. I believethat my audit provided a reasonable basis for my opinion.

 

In my opinion, thefinancial statements referred to above present fairly, in all material respectsthe financial position of Windsor II Limited Partnership, RHS Project No.:54-057-541440877, as of December 31, 2002 and 2001, and the results of itsoperations, the changes in partners’ deficit and cash flows for the years thenended, in conformity with generally accepted accounting principles.

 

My audit was made for thepurpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information on pages 17 through 24 is presented forpurposes of additional analysis and is not a required part of the basicfinancial statements. Such information has been subjected to the auditingprocedures applied in the audit of the basic financial statements and, in myopinion, is fairly stated in all material respects in relation to the basicfinancial statements taken as a whole.

 

In accordance withGovernment Auditing Standards, I have also issued reports datedJanuary 10, 2003 on my consideration of Windsor II Limited Partnership’sinternal control and its compliance with laws and regulations applicable to thefinancial statements.

 

 

TIMOTHY FORCE, CPA

Bethesda, MD

January 10, 2003

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners

Amherst LimitedPartnership

 

I have audited theaccompanying balance sheets of Amherst Limited Partnership, RHS Project No.:54-007-541486870, as of December 11, 2002 and 2001 and the relatedstatements of operations, partners’ deficit and cash flows for the years thenended. These financial statements are the responsibility of the partnership’smanagement. My responsibility is to express an opinion on these financialstatements based on my audit.

 

I conducted my audit inaccordance with generally accepted auditing standards and Government AuditingStandards, issued by the Comptroller General of the United States. Thosestandards require that I plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of material misstatement.An audit includes examining, on a test basis, evidence supporting the amountsand disclosures in the financial statements. An audit also-includes assessingthe accounting principles used and significant estimates made by management, aswell as evaluating the overall financial presentation. I believe that my auditprovided a reasonable basis for my opinion.

 

In my opinion, thefinancial statements referred to above present fairly, in all material respectsthe financial position of Amherst Limited Partnership, RHS Project No.:54-007-541486870, as of December 31, 2002 and 2001, and the results of itsoperations, the changes in partners’ deficit and cash flows for the years thenended, in conformity with generally accepted accounting principles.

 

My audit was made for thepurpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information on pages 16 through 23 is presented forpurposes of additional analysis and is not a required part of the basicfinancial statements. Such information has been subjected to the auditingprocedures applied in the audit of the basic financial statements and in myopinion, is fairly stated in all material respects in relation to the basicfinancial statements taken as a whole.

 

In accordance withGovernment Auditing Standards, I have also issued reports datedJanuary 10, 2003 on my consideration of Amherst Limited Partnership’sinternal control and its compliance with laws and regulation applicable to thefinancial statements.

 

 

TIMOTHY FORCE, CPA

Bethesda, MD

January 10, 2003

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners of Chaparral Associates:

 

I have audited the accompanying balance sheets of Chaparral Associates,a Limited Partnership (the “Partnership”) as of December 31, 2002 and2001, and the related statements of operations, partners’ capital, and cashflows for the years then ended. These financial statements are theresponsibility of the Partnership’s management. My responsibility is to expressan opinion on these financial statements based on my audits.

 

I conducted my audits inaccordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained inGovernment Auditing Standards issued by the Comptroller General of the UnitedStates, and contained in the U.S. Department of Agriculture, Farmers HomeAdministration Audit Program. Those standards require that I plan and performthe audit to obtain reasonable assurance about whether the financial statementsare free of material misstatement. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. I believe that my audits provide a reasonablebasis for my opinion.

 

In my opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of the Partnership as of December 31,2002 and 2001, and the results of its operations and its cash flows for theyears then ended in conformity, with generally ended in conformity withgenerally accepted accounting principles.

 

In accordance withGovernment Auditing Standards, I have also issued my report datedFebruary 4, 2003 on my consideration of the Partnership’s internal controlover financial reporting and on my tests of its compliance with certainprovisions of laws and regulations, contracts, and grants. That report is anintegral part of an audit performed in accordance with Government AuditingStandards and should be read in conjunction with this report in considering theresults of my audit.

 

The accompanyingsupplementary information (beginning on page 10) is presented for purposes ofadditional analysis and is not a required part of the basic financialstatements. Such information has been subjected to the auditing proceduresapplied in the audit of the basic financial statements and, in my opinion, isfairly stated, in all material respects, in relation to the financialstatements taken as a whole.

 

 

LAURIE A. LEE

Las Vegas, Nevada

February 4, 2003

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners

La Gema Del Barrio, A CaliforniaLimited Partnership

 

I have audited theaccompanying balance sheets of La Gema Del Barrio, A California LimitedPartnership, as of December 31, 2002 and 2001, and the related statementsof operations, partners’ equity, and cash flows for the years then ended. Thesefinancial statements are the responsibility of the partnership’s management. Myresponsibility is to express an opinion on these financial statements based onmy audits.

 

I conducted my audits inaccordance with auditing standards generally accepted in the United States.Those standards require that I plan and perform the audits to obtain reasonableassurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation.I believe that my audits provide a reasonable basis for my opinion.

 

In my opinion the accompanying financial statements referred to abovepresent fairly, in all material respects, the financial position of La Gema DelBarrio, A California Limited Partnership as of December 31, 2002 and 2001,and the results of its operations, the changes in partners’ equity, and cashflows for the years then ended in conformity accounting principles generallyaccepted in the United States.

 

My audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information on page 13 is presented for purposes ofadditional analysis and is not a required part of the basic financialstatements. Such information has been subjected to the auditing proceduresapplied in the audit of the basic financial statements and, in my opinion, isfairly stated in all material respects in relation to the basic financialstatements taken as a whole.

 

 

SCHONWIT & ASSOCIATES

Costa Mesa, CA

January 24, 2003

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners

Maidu Properties

(A California LimitedPartnership)

Rocklin, California

 

I have audited theaccompanying balance sheets of Maidu Properties (A California LimitedPartnership), as of December 31, 2002 and 2001, and the related statementsof income, partners’ equity, and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnership’s management. Myresponsibility is to express an opinion on these financial statements based onmy audits.

 

I conducted my audits inaccordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that I plan and perform the audits to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. I believe that my audit provides a reasonable basis formy opinion.

 

In my opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Maidu Properties (A California LimitedPartnership) as of December 31, 2002 and 2001, and the results of itsoperations and its cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

My audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplementary information for the years ended December 31, 2002and 2001, on pages 12 and 13, is presented for purposes of additional analysisand is not a required part of the basic financial statements such informationhas been subjected to the audit procedures applied in the audits of the basicfinancial statements and, in my opinion, is fairly stated in all material respectsin relation to the basic financial statements taken as a whole.

 

 

BERNARD E. REA, CPA

Stockton, California

February 8, 2003

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners ofNavapai Associates:

 

I have audited theaccompanying balance sheets of Navapai Associates, a Limited Partnership (the“Partnership”) as of December 31, 2002 and 2001, and the relatedstatements of operations, partners’ capital, and cash flows for the years thenended. These financial statements are the responsibility of the Partnership’smanagement. My responsibility is to express an opinion on these financialstatements based on my audits.

 

I conducted my audits inaccordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained inGovernment Auditing Standards issued by the Comptroller General of the UnitedStates, and contained in the U.S. Department of Agriculture, Farmers HomeAdministration Audit Program. Those standards require that I plan and performthe audit to obtain reasonable assurance about whether the financial statementsare free of material misstatement. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. I believe that my audits provide a reasonablebasis for my opinion.

 

In my opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of the Partnership as of December 31,2002 and 2001 and the results of its operations and its cash flows for theyears then ended in conformity with generally ended in conformity withgenerally accepted accounting principles.

 

In accordance withGovernment Auditing Standards, I have also issued my report datedFebruary 4, 2003 on my consideration of the Partnership’s internal controlover financial reporting and on my tests of its compliance with certainprovisions of laws and regulations, contracts, and grants. That report is anintegral part of an audit performed in accordance with Government AuditingStandards and should be read in conjunction with this report in considering theresults of my audit.

 

The accompanyingsupplementary information (beginning on page 10) is presented for purposes ofadditional analysis and is not a required part of the basic financialstatements. Such information has been subjected to the auditing proceduresapplied in the audit of the basic financial statements and, in my opinion, isfairly stated, in all material respects, in relation to the financialstatements taken as a whole.

 

 

LAURIE A. LEE

Las Vegas, Nevada

February 4, 2003

 

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**INDEPENDENT AUDITOR’S REPORT**

 

To****the Partners

Deer Hill II LimitedPartnership

Winston-Salem, NorthCarolina

 

We have audited theaccompanying balance sheets of Deer Hill II Limited Partnership as ofDecember 31, 2001 and 2000, and the related statements of income,partners’ equity (deficit), and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and the standards applicable to financial audits contained in *GovernmentAuditing Standards,*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Deer Hill II Limited Partnership as ofDecember 31, 2001 and 2000, and the results of its operations and its cashflows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report datedJanuary 15, 2002 on our consideration of Deer Hill II LimitedPartnership’s internal control over financial reporting and on our tests of itscompliance with certain provisions of laws, regulations, contracts and grants.That report is an integral part of an audit performed in accordance with *GovernmentAuditing Standards*and should be read in conjunction with thisreport in considering the results of our audit.

 

 

MCGLADREY & PULLEN,LLP

Greensboro, NorthCarolina

January 15, 2002

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners

King City Elderly HousingAssociates

 

We have audited theaccompanying balance sheet of the *King City Elderly Housing Associates (a CaliforniaLimited Partnership)*as of December 31, 2001, and the relatedstatement of operations, partners’ equity, and cash flows for the year thenended. These financial statements are the responsibility of the Partnership’smanagement. Our responsibility is to express an opinion on these financialstatements based on our audits. The financial statements *of King City Elderly Housing Associates*for the year ended December 31, 2000 were audited by otherauditors whose report, dated January 26, 2001 expressed an unqualifiedopinion on those statements.

 

We conducted our audit inaccordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audit provides a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of the *King City Elderly Housing Associates*as ofDecember 31, 2001, and the results of its operations, changes in partners’equity and cash flows for the year then ended in conformity with accountingprinciples generally accepted in the United States of America.

 

Our audit was made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information is presented for purposes of additionalanalysis and is not a required part of the basic financial statements. Suchinformation has been subjected to the auditing procedures applied in the auditof the basic financial statements and, in our opinion, is fairly stated in allmaterial respects in relation to the basic financial statements taken as awhole.

 

 

HAYASHI & WARD

Salinas, CA

 

January 24,2002

 

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INDEPENDENT AUDITORS’REPORT

 

To the Partners

Metropole ApartmentsAssociates, Ltd.

Boston, Massachusetts

 

We have audited theaccompanying Balance Sheets of Metropole Apartments Associates, Ltd. (a FloridaLimited Partnership), as of December 31, 2001 and 2000, and the relatedStatements of Income, Partners’ Equity and Cash Flows for the years then ended.These financial statements are the responsibility of Metropole ApartmentsAssociates, Ltd.’s management. Our responsibility is to express an opinion onthese financial statements based on our audit.

 

We conducted our audit inaccordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significant estimatesmade by management, as well as evaluating the overall financial statementpresentation. We believe that our audits provide a reasonable basis for ouropinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Metropole Apartments Associates, Ltd. as ofDecember 31, 2001 and 2000, and the results of its operations, the changesin partners’ equity and cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

Our audit was made for the purpose of forming an opinion on the basicfinancial statements taken as a whole. The supplemental information ispresented for purposes of additional analysis and is not a required part of thebasic financial statements. Such information has been subjected to the auditprocedures applied in the audit of the basic financial statements and, in ouropinion, is fairly stated in all material respects in relation to the basic financialstatements taken as a whole.

 

 

BLOOM, GERRIS, HABIB,SILVER & TERRONE, PA

Miami, FL

February 15, 2002

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners of

Oakview Limited (ALimited Partnership)

Corunna, IN

 

We have audited theaccompanying balance sheets of Oakview Limited (A Limited Partnership) as ofDecember 31, 2001 and 2000, and the related statements of income,partners’ equity, and cash flows for the years then ended. These financialstatements are the responsibility of the Partnership’s management. Ourresponsibility is to express an opinion on these financial statements based onour audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and the standards applicable to financial audit contained inGovernment Auditing Standards, issued by the Comptroller General of the UnitedStates, and the U.S. Department of Agriculture, Farmers Home Administration“Audit Program.” Those standards require that we plan and perform the audits toobtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the mounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all mater/alrespects, the financial position of Oakview Limited (A Limited Partnership) asof December 31, 2001 and 2000 and the results of its operations and itscash flows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information on page 9 is presented for purposes ofadditional analysis and is not a required part of the basic financialstatements. Such information has been subjected to the audit procedures appliedin the audit of the basic financial statements and, in our opinion, is fairlystated in all material respects in relation to the basic financial statementstaken as a whole.

 

In accordance with GovernmentAuditing Standards, we have also issued a report dated February 1,2002 on our consideration of Oakview Limited’s (A Limited Partnership) internalcontrol over financial reporting and our tests of its compliance with certainprovisions of laws, regulations, contracts and grants. This report is anintegral part of an audit performed in accordance with Government AuditingStandards and should be read in conjunction with this report in consideringthe results of our audit.

 

 

DULIN, WARD & DEWALD,INC.

Ft. Wayne, Indiana

March 20, 2002

 

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**Independent Auditor’s Report**

 

To the Partners

Westwood Square LimitedPartnership

Winston-Salem, NorthCarolina

 

We have audited theaccompanying balance sheets of Westwood Square Limited Partnership as ofDecember 31, 2001 and 2000, and the related statements of income,partners’ equity (deficit), and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and the standards applicable to financial audits contained inGovernment *AuditingStandards, issued*by the Comptroller General of the United States.Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation.We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Westwood Square Limited Partnership as ofDecember 31, 2001 and 2000, and the results of its operations and its cashflows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report datedJanuary 19, 2004 on our consideration of Westwood Square LimitedPartnership’s internal control over financial reporting and on our tests of itscompliance with certain provisions of laws, regulations, contracts and grants.That report is an integral part of an audit performed in accordance with *GovernmentAuditing Standards*and should be read in conjunction with thisreport in considering the results of our audit.

 

 

MCGLADREY & PULLEN

Greensboro, NorthCarolina

January 15, 2002

 

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IndependentAuditors’ Report

 

To the Partners of

Beaver Brook HousingAssociates Limited tnership

 

We have audited theaccompanying balance sheets of Beaver Brook Housing Associates LimitedPartnership (Case No. 34-06-020424443) as of December 31, 2001 and 2000and the related statements of income and expense, partners’ deficit, and cashflows for the years then ended. These financial statements are the responsibilityof the Partnership’s management. Our responsibility is to express an opinion onthese financial statements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and the standards applicable to financial audits contained in *GovernmentAuditing Standards,*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audits to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significant estimatesmade by management, as well as evaluating the overall financial statementpresentation. We believe that our audits provide a reasonable basis for ouropinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all material respects,the financial position of Beaver Brook Housing Associates Limited Partnershipat December 31, 2001 and 2000 and the results of its operations, itspartners’ equity and its cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued our report datedJanuary 24, 2002 on our consideration of Beaver Brook Housing Associates’internal control and on its compliance with laws and regulations. That reportis an integral part of an audit performed in accordance with *GovernmentAuditing Standards*and should be read in conjunction with thisreport in considering the results of our audit.

 

 

JOHN G. BURKE ANDASSOCIATES

Keene, NH

January 24, 2002

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners of

Brooklyn Limited (AnIndiana Limited Partnership)

Corunna, IN

 

We have audited theaccompanying balance sheets of Brooklyn Limited (An Indiana LimitedPartnership) as of December 31, 2001 and 2000, and the related statementsof income, partners’ equity, and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and the standards applicable to financial audits contained in GovernmentAuditing Standards, issued by the Comptroller General of the United States,and the U.S. Department of Agriculture, Farmers Home Administration “AuditProgram.” Those standards require that we plan and perform the audits to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the mounts and disclosures in the financial statements. Art auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Brooklyn Limited (An Indiana LimitedPartnership) as of December 31, 2001 and 2000, and the results of itsoperations and its cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information on page 9 is presented for purposes ofadditional analysis and is not a required part of the basic financialstatements. Such information has been subjected to the audit procedures appliedin the audit of the basic financial statements and, in our opinion, is fairlystated in all material respects in relation to the basic financial statementstaken as a whole.

 

In accordance with GovernmentAuditing Standards, we have also issued a report dated February 1,2002 on our consideration of Brooklyn Limited’s (An Indiana LimitedPartnership) internal control over financial reporting and our tests of its compliancewith certain provisions of laws, regulations, contracts and grants. This reportis an integral part of an audit performed in accordance with GovernmentAuditing Standards and should be read in conjunction with this report inconsidering the results of our audit.

 

 

DULIN, WARD & DEWALD,INC..

Fort Wayne, Indiana

February 1, 2002

 

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**INDEPENDENT AUDITORS’REPORT**

 

To the Partners

Corinth HousingRedevelopment Company

 

We have audited theaccompanying balance sheets of Corinth Housing Redevelopment Company as ofDecember 31, 2001 and 2000, and the related statements of operations,partners’ deficit, and cash flows for the years then ended. These financialstatements are the responsibility of the Partnership’s management. Ourresponsibility is to express an opinion on these financial statements based onour audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and Government Auditing Standards issued by the ComptrollerGeneral of the United States. Those standards require that we plan and performthe audit to obtain reasonable assurance about whether the financial statementsare free of material misstatement. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by Management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Corinth Housing Redevelopment Company as ofDecember 31, 2001 and 2000, and the results of its operations and its cashflows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

In accordance with GovernmentAuditing Standards, we have also issued reports dated January 30,2002, on our consideration of the Corinth Housing Redevelopment Company’sinternal control structure and its compliance with laws and regulations.

 

 

FECTEAU & COMPANY, PC

Albany, New York

January 30, 2002

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners

Fawn River ApartmentCompany Limited Partnership

d/b/a Fawn RiverApartments

 

We have audited theaccompanying balance sheet of Fawn River Apartment Company Limited Partnershipd/b/a Fawn River Apartments (a partnership) Project #26-078-382856293 as ofDecember 31, 2001 and 2000 and related statement of operations, partners’deficit, and cash flows for the years then ended. These financial statementsare the responsibility of the Partnership’s management. Our responsibility isto express an opinion on these financial statements based on our audit.

 

We conducted our audit inaccordance with auditing standards generally accepted in the United States ofAmerica and Government Auditing Standards issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the auditto obtain reasonable assurance about whether financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audit provides a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Fawn River Apartment Company LimitedPartnership d/b/a Fawn River Apartments Project #26-078-382856293 as ofDecember 31, 2001 and 2000, and its operations, changes in partners’equity, and cash flows for the years then ended in conformity with accountingprinciples generally accepted in the United States of America.

 

In accordance withGovernment Auditing Standards, we have also issued a report datedJanuary 22, 2002, on our consideration of Fawn River Apartment CompanyLimited Partnership d/b/a Fawn River Apartments Project #26-078-382856293internal control and a report dated January 22, 2002, on its compliancewith laws and regulations applicable to the financial statements.

 

 

FLEGAL & TIBBITS

Portage, Michigan

January 22, 2002

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners

Fountain GreenApartments, Ltd.

Panama City, Florida

 

We have audited theaccompanying balance sheets of Fountain Green Apartments, Ltd., a limitedpartnership, USDA, Rural Development Project No: 09-46-592948719, as ofDecember 31, 2001 and 2000 and the related statements of operations,changes in partners’ deficit and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and Government Auditing Standards, issued by the ComptrollerGeneral of the United States. Those standards require that we plan and performthe audits to obtain reasonable assurance about whether the financial statementsare free of material misstatement. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Fountain Green Apartments, Ltd., atDecember 31, 2001 and 2000, and the results of its operations and changesin partners’ deficit and cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements, taken as awhole. The supplementary information is presented for the purpose of additionalanalysis and is not a required part of the basic financial statements. Suchinformation has been subjected to the auditing procedures applied in the auditof the basic financial statements and, in our opinion, is fairly presented inall material respects in relation to the basic financial statements taken as awhole.

 

 

SMITH, MILES &COMPANY, PA

Panama City, Florida

February 15, 2002

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners

Glennwood Hotel Investors

**(**A****California Limited Partnership**)**

Sacramento, California

 

We have audited the accompanyingbalance sheets of Glennwood Hotel Investors (A California Limited Partnership)as of December 31, 2001 and 2000, and the related statements of income,partners’ equity (deficit), and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America. Those standards require that we plan and perform the audits toobtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Glennwood Hotel Investors (A CaliforniaLimited Partnership) as of December 31, 2001 and 2000, and the results ofits operations and its cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

 

BOWMAN & COMPANY, LLP

Stockton, CA

January 22, 2002

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners

Greenwich HousingRedevelopment Company

 

We have audited theaccompanying balance sheets of Greenwich Housing Redevelopment Company as ofDecember 31, 2001 and 2000, and the related statements of operations,partners’ deficit, and cash flows for the years then ended. These financialstatements are the responsibility of the Partnership’s management. Ourresponsibility is to express an opinion on these financial statements based onour audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and Government Auditing Standards issued by the ComptrollerGeneral of the United States. Those standards require that we plan and performthe audit to obtain reasonable assurance about whether the financial statementsare free of material misstatement. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by Management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Greenwich Housing Redevelopment Company asof December 31,2001 and 2000, and the results of its operations and itscash flows for the years then ended in conformity with accounting principles generallyaccepted in the United States of America.

 

In accordance with GovernmentAuditing Standards, we have also issued reports dated January 30,2002, on our consideration of Greenwich Housing Redevelopment Company’sinternal control structure and its compliance with laws and regulations.

 

 

FECTEAU & COMPANY,PLLC

Albany, New York

January 30, 2002

 

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**Independent Auditor’s Report**

 

To the Partners

Grifton HousingAssociates

Charlotte, North Carolina

 

We have audited theaccompanying balance sheets of Grifton Housing Associates (a North Carolinalimited partnership) as of December 31, 2001 and 2000, and the relatedstatements of operations, partners’ equity, and cash flows for the years thenended. These financial statements are the responsibility of the Partnership’smanagement. Our responsibility is to express an opinion on these financialstatements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and the standards applicable to financial audits contained in *GovernmentAuditing Standards*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audits to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Grifton Housing Associates as ofDecember 31, 2001 and 2000, and the results of its operations and its cashflows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued our report datedJanuary 31, 2002, on our consideration of the Partnership’s internalcontrol over financial reporting and our tests of its compliance with certainprovisions of laws, regulations, contracts, and grants.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplementary information listed in the table of contents ispresented for purposes of additional analysis and is not a required part of thebasic financial statements of the Partnership. Such information has beensubjected to the auditing procedures applied in the audits of the basicfinancial statements and, in our opinion, is fairly stated in all materialrespects in relation to the basic financial statements taken as a whole.

 

 

BERNARD, ROBINSON &COMPANY, LLP

Greensboro, NC

January 31, 2002

 

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**INDEPENDENT AUDITORS’ REPORT**

 

February 8,2002

 

To the Partners

Haines City Apartments,Ltd.

 

We have audited theaccompanying basic financial statements of Haines City Apartments, Ltd., as ofand for the years ended December 31, 2001 and 2000, as listed in the tableof contents. These basic financial statements are the responsibility of thepartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and the standards applicable to financial audits contained in *GovernmentAuditing Standards,*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and the significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, the basicfinancial statements referred to above present fairly, in all materialrespects, the financial position of Haines City Apartments, Ltd. as ofDecember 31, 2001 and 2000 and the results of its operations and its cashflows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued our report datedFebruary 8, 2002 on our consideration of Haines City Apartments, Ltd.’sinternal control over financial reporting and our tests of its compliance withcertain provisions of laws, regulations, contracts, and grants. That report isan integral part of an audit performed in accordance with *Government Auditing Standards*andshould be read in conjunction with this report in considering the results ofour audit.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The additional information presented on pages 9 to 14 is presented forthe purposes of additional analysis and is not a required part of the basicfinancial statements. The information on pages 9 to 13 has been subjected tothe auditing procedures applied in the audit of the basic financial statementsand, in our opinion, is fairly stated in all material respects in relation tothe basic financial statements taken as a whole. The information on page 14,which is of a nonaccounting nature, has not been subjected to the auditingprocedures applied in the audit of the basic financial statements, and weexpress no opinion on it.

 

 

DUGGAN, JOINER & CO.

Ocala, FL

February 8, 2002

 

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IndependentAuditors’ Report

 

To the Partners

Kristin Park Apartments,Ltd.

and USDA RuralDevelopment

 

We have audited theaccompanying balance sheets of Kristin Park Apartments, Ltd. (a limitedpartnership) as of December 31, 2001 and 2000, and the related statementsof operations, partners’ equity (deficit) and cash flows for the years thenended. These financial statements are the responsibility of the Partnership’smanagement. Our responsibility is to express an opinion on these financialstatements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and Government Auditing Standards, issued by the ComptrollerGeneral of the United States. Those standards require that we plan and performthe audit to obtain reasonable assurance about whether the financial statementsare free of material misstatement. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Kristin Park Apartments, Ltd. as ofDecember 31, 2001 and 2000, and the results of its operations and thechanges in partners’ equity and cash flows for the years then ended inconformity with accounting principles generally accepted in the United Statesof America.

 

In accordance with GovernmentAuditing Standards, we have also issued a report dated January 29,2002, on our consideration of Kristin Park Apartments, Ltd.’s internal controlover financial reporting and our tests of its compliance with certainprovisions of laws, regulations, contracts and grants. That report is anintegral part of an audit performed in accordance with Government AuditingStandards, and should be read in conjunction with this report inunderstanding the results of our audit.

 

Our audits were conductedfor the purpose of forming an opinion on the financial statements taken as awhole. The supplemental information included in the report is presented forpurposes of additional analysis and is not a required part of the financialstatements of Kristin Park Apartments, Ltd. Such information has been subjectedto the auditing procedures applied in the audit of the financial statementsand, in our opinion, is fairly stated in all material respects in relation tothe financial statements taken as a whole.

 

 

MCGREE & ASSOCIATES,PC

Farmington, New Mexico

January 29, 2002

 

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**INDEPENDENT AUDITOR’S REPORT**

 

To the Partners

Maywood Associates, Ltd.

(A California LimitedPartnership}

Cheyenne, WY

 

I have audited theaccompanying balance sheet of Maywood Associates (A California LimitedPartnership), USDA Rural Development Case NO. 04-052-680184284, am ofDecember 31, 2001 and 2000, and the related statement of income, partners’equity, and cash flows for the year then ended. These financial statements arethe responsibility of the Partnership’s management. My responsibility is toexpress an opinion on these financial statements based on my audits.

 

I conducted my audits inaccordance with generally accepted auditing standards and *Government Auditing Standards*issuedby the Comptroller General of the United States. Those standards require that Iplan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management as well asevaluating the overall financial statement presentation. I believe that myaudits provide a reasonable basis for my opinion.

 

In my opinion, thefinancial statement referred to above present fairly, in all material respects,the financial position of Maywood Associates (A California Limited Partnership)as of December 31, 2001 and 2000 and the results of its operations and itscash flows for the years then ended, in conformity with generally acceptedaccounting principles.

 

In accordance with *GovernmentAuditing Standards,*I have also issued a report dated March 11,2002 on my consideration of Maywood Associates’ internal control structure anda report dated March 11, 2002 on its compliance with laws and regulations.

 

 

BERNARD E. REA, CPA

Stockton, California

March 11, 2002

 

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IndependentAuditors’ Report

 

To the Partners of

Pedcor Investments - 1989- VIII, L.P.

(An Indiana LimitedPartnership)

 

We have audited theaccompanying balance sheet of Pedcor Investments - 1989 - VIII, L.P. (anIndiana Limited Partnership) as of December 31, 2001, and the relatedstatements of profit and loss and changes in partners’ equity (deficit) andcash flows for the year then ended. These financial statements are theresponsibility of management. Our responsibility is to express an opinion onthese financial statements based on our audit.

 

We conducted our audit inaccordance with auditing standards generally accepted in the United States ofAmerica and *GovernmentAuditing Standards,*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audit provides a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly in all material respectsthe financial position of Pedcor Investments - 1989 - VIII, L.P. as ofDecember 31, 2001, and the results of its operations and changes inpartners’ equity (deficit) and cash flows for the year then ended in conformitywith accounting principles generally accepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report datedJanuary 25, 2002, on our consideration of the Partnership’s internalcontrols and a report dated January 25, 2002, on its compliance with lawsand regulations.

 

The accompanyingsupplementary information is presented for purposes of additional analysis andis not a required part of the basic financial statements. Such information hasbeen subjected to the auditing procedures applied in the audit of the basicfinancial statements and, in our opinion, is fairly stated in all materialrespects in relation to the financial statements taken as a whole.

 

 

DAUBY O’CONNOR &SALESKI, LLC

Carmel, Indiana

January 25, 2002

 

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IndependentAuditors’ Report

 

To the Partners of

Quail Hollow of WarsawLimited Partnership

(A North Carolina LimitedPartnership)

 

We have audited theaccompanying balance sheets of Quail Hollow of Warsaw Limited Partnership (aNorth Carolina Limited Partnership) as of December 31, 2001 and 2000, andthe related statements of operations, changes in partners’ equity (deficit),and cash flows for the years then ended. These financial statements are theresponsibility of the Partnership’s management. Our responsibility is toexpress an opinion on these financial statements based on our audits.

 

We conducted our auditsin accordance with auditing standard generally accepted in the United States ofAmerica and *GovernmentAuditing Standards,*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audits to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Quail Hollow of Warsaw Limited Partnershipas of December 31, 2001 and 2000, and the results of its operations andits cash flows for the years then ended in conformity with accountingprinciples generally accepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report datedJanuary 24, 2002, on our consideration of the Partnership’s internalcontrols and a report dated January 24, 2002, on its compliance with lawsand regulations.

 

The accompanyingsupplementary information is presented for purposes of additional analysis andis not a required part of the basic financial statements. Such information hasbeen subjected to the auditing procedures applied in the audits of the basicfinancial statements and, in our opinion, is fairly stated in all materialrespects in relation to the financial statements taken as a whole.

 

 

DAUBY O’CONNOR &SALESKI, LLC

Carmel, Indiana

January 24, 2002

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners

Raitt Street Apartments,A California Limited Partnership

 

I have audited theaccompanying balance sheets of Raitt Street Apartments, A California LimitedPartnership, as of December 31, 2001 and 2000, and the related statementsof operations, partners’ equity, and cash flows for the years then ended. Thesefinancial statements are the responsibility of the partnership’s management. Myresponsibility is to express an opinion on these financial statements based onmy audits.

 

I conducted my audits inaccordance with auditing standards generally accepted in the United States.Those standards require that I plan and perform the audits to obtain reasonableassurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation.I believe that my audits provide a reasonable basis for my opinion.

 

In my opinion theaccompanying financial statements referred to above present fairly, in all****materialrespects, the financial position of Raitt Street Apartments, A CaliforniaLimited Partnership as of December 31, 2001 and 2000, and the results ofits operations, the changes in partners’ equity, and cash flows for the yearsthen ended in conformity with accounting principles generally accepted in theUnited States.

 

My audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information on page 13 is presented for purposes ofadditional analysis and is not a required part of the basic financialstatements. Such information has been subjected to the auditing proceduresapplied in the audit of the basic financial statements and, in my opinion, isfairly stated in all material respects in relation to the basic financialstatements taken as a whole.

 

 

SCHONWIT & ASSOCIATES

Costa Mesa, CA

January 25, 2002

 

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INDEPENDENTAUDITORS’ REPORT

 

To the Partners

South Paris HeightsAssociates

(A Limited Partnership)

 

We have audited theaccompanying balance sheets of South Paris Heights Associates (A LimitedPartnership) as of December 31, 2001 and 2000, and the related statementsof operations, changes in partners’ equity (deficit) and cash flows for theyears then ended. These financial statementsarethe responsibility of thePartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and the standards applicable to financial audits contained in *GovernmentAuditing Standards*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of South Paris Heights Associates (A LimitedPartnership) at December 31, 2001 and 2000, and the results of itsoperations and its cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued our reports datedFebruary 1, 2002 on our consideration of the internal control overfinancial reporting of South Paris Heights Associates (A Limited Partnership)and our tests of its compliance with certain provisions of laws, regulations,contracts and grants. Those reports are an integral part of an audit performedin accordance with *Government Auditing Standards*and shouldbe read in conjunction with this report in considering the results of ouraudit.

 

Our audits were conductedfor the purpose of forming an opinion on the basic financial statements takenas a whole. The accompanying additional information is presented solely for theuse of the U.S. Department of Agriculture Rural Development and is not arequired part of the basic financial statements. Part I of the Multiple FamilyHousing Borrower Balance Sheet, Form RD 1930-8, including the relatedsupplement, and Column 2 (Actual), Parts I, II and III of the Multiple FamilyHousing Project Budget, Form RD 1930-7, have been subjected to the auditingprocedures applied in our audits of the basic financial statements and, in ouropinion, are fairly stated in all material respects in relation to the basicfinancial statements taken as a whole. We have not audited Parts IV, V and VI,and Columns 1 and 3 (Current Budget and Proposed Budget) of Parts I, II and IIIof Form RD 1930-7, and, accordingly, express no opinion thereon.

 

 

BAKER, NEWMAN & NOYES

Portland, Maine

February 1, 2002

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners

Springfield HousingAssociates, L.P.

Springfield, Illinois

 

We have audited theaccompanying balance sheet of Springfield Housing Associates, L.P., (a limitedpartnership), as of December 31, 2001 and the related statements ofoperations, partners’ capital, and cash flows for the year then ended. Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audit.

 

We conducted our audit inaccordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audit provides a reasonable basisfor our opinion.

 

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of Springfield HousingAssociates, L.P., (a limited partnership) as of December 31, 2001, and theresults of its operations, changes in partners’ capital and its cash flows forthe year then ended in conformity with accounting principles generally acceptedin the United States of America.

 

 

MUELLER, WALLA &ALBERTSON, P.C.

Kirkwood, MD

January 21, 2002

 

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**Independent Auditor’s Report**

 

To the Partners

Tappahannock GreensLimited Partnership

 

I have audited theaccompanying balance sheets of Tappahannock Greens Limited Partnership as ofDecember 31, 2001 and 2000, and the related statements of operations,partners’ deficit and cash flows for the years then ended. These financialstatements are the responsibility, of the Partnership’s management. Myresponsibility is to express an opinion on these financial statements based onmy audits.

 

I conducted my audits inaccordance with generally accepted auditing standards and *Government Auditing Standards,*issuedby the Comptroller General of the United States, and the U.S. Department ofAgriculture, Farmers Home Administration Audit Program. Those standards requirethat I plan and perform the audits to obtain reasonable assurance about whetherthe financial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. I believe that myaudits provide a reasonable basis for my opinion.

 

In my opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of Tappahannock GreensLimited Partnership as of December 31, 2001 and 2000, and the results ofits operations, changes in partners’ deficit, and its cash flows for the yearsthen ended in conformity with generally accepted accounting principles.

 

In accordance with *GovernmentAuditing Standards,*I have also issued my report datedFebruary 15, 2002 on my consideration of Tappahannock Greens LimitedPartnership’s internal control over financial reporting and on my tests of itscompliance with certain provisions of laws and regulations.

 

 

THOMAS C. CUNNINGHAM, CPAPC

Bristol, VA

February 15, 2002

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners

Village Oaks ApartmentsII, Ltd.

Panama City, Florida

 

We have audited theaccompanying balance sheets of Village Oaks Apartments II, Ltd., a limitedpartnership, USDA, Rural Development Project No: 09-061-0592884971, as ofDecember 31, 2001 and 2000 and the related statements of operations,changes in partners’ deficit and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and Government Auditing Standards, issued by the ComptrollerGeneral of the United States. Those standards require that we plan and performthe audits to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Village Oaks Apartments II, Ltd., atDecember 31, 2001 and 2000, and the results of its operations and changesin partners’ deficit and cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements, taken as awhole. The supplementary information is presented for the purpose of additionalanalysis and is not a required part of the basic financial statements. Suchinformation has been subjected to the auditing procedures applied in the auditof the basic financial statements and, in our opinion, is fairly presented inall material respects in relation to the basic financial statements taken as awhole.

 

 

SMITH, MILES &COMPANY, PA

Panama City, Florida

February 15, 2002

 

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**INDEPENDENT AUDITOR’S REPORT**

 

To the Partners

Westwood Square LimitedPartnership

Winston-Salem, NorthCarolina

 

We have audited theaccompanying balance sheets of Westwood Square Limited Partnership as ofDecember 31, 2001 and 2000, and the related statements of income,partners’ equity (deficit), and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and the standards applicable to financial audits contained in *GovernmentAuditing Standards,*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Westwood Square Limited Partnership as ofDecember 31, 2001 and 2000, and the results of its operations and its cashflows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report datedJanuary 15, 2002 on our consideration of Westwood Square LimitedPartnership’s internal control over financial reporting and on our tests of itscompliance with certain provisions of laws, regulations, contracts and grants.That report is an integral part of an audit performed in accordance with *GovernmentAuditing Standards*and should be read in conjunction with thisreport in considering the results of our audit.

 

 

MCGLADREY & PULLEN,LLP

Greensboro, NorthCarolina

January 15, 2002

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners

Wilmington HousingRedevelopment Company

 

We have audited theaccompanying balance sheets of Wilmington Housing Redevelopment Company as ofDecember 31, 2001 and 2000, and the related statements of operations,partners’ deficit, and cash flows for the years then ended. These financialstatements are the responsibility of the Partnership’s management. Ourresponsibility is to express an opinion on the financial statements based onour audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and Government Auditing Standards issued by the ComptrollerGeneral of the United States. Those standards require that we plan and performthe audit to obtain reasonable assurance about whether the financial statementsare free of material misstatement. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by Management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Wilmington Housing Redevelopment Company asof December 31, 2001 and 2000, and the results of its operations and itscash flows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

In accordance with GovernmentAuditing Standards, we have also issued reports dated January 30,2002, on our consideration of Wilmington Housing Redevelopment Company’sinternal control structure and its compliance with laws and regulations.

 

 

FECTEAU & CO., INC.

Albany, New York

January 30, 2002

 

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IndependentAuditor’s Report

 

To the Partners

Housing Investors, AthensII, LTD.

Decatur, Alabama

 

We have audited theaccompanying balance sheet of Housing Investors Athens II, Ltd. (a partnership)as of December 31, 2001 and 2000, and the related statements ofoperations, partners’ capital, and cash flows for the year then ended and theaccompanying supplementary information which is presented only forsupplementary analysis purposes. These financial statements are theresponsibility of the partnership’s management. Our responsibility is toexpress an opinion on these financial statements based on our audits.

 

We conducted our audit inaccordance with auditing standards generally accepted in the United States ofAmerica and *GovernmentAuditing Standards*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Housing Investors Athens II, Ltd., as ofDecember 31, 2001 and 2000, and the results of its operations and its cashflows for the years then ended in conformity with generally accepted accountingprinciples.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report datedFebruary 09, 2002 on our consideration of the Housing Investors Athens II,Ltd.’s internal control and tests of its compliance with certain provisions oflaws, regulations, contracts and grants.

 

 

BYRD, SMALLEY, EVANS& ADAMS, PC

Decatur, AL

February 9, 2002

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners

Maidu Properties

(A California LimitedPartnership)

Rocklin, California

 

I have audited the accompanying balance sheets of Maidu Properties (ACalifornia Limited Partnership), as of December 31, 2001 and 2000, and therelated statements of income, partners’ equity, and cash flows for the yearsthen ended.  These financial statementsare the responsibility of the Partnership’s management.  My responsibility is to express an opinionon these financial statements based on my audits.

 

I conducted my audits inaccordance with generally accepted auditing standards. Those standards requirethat I plan and perform the audits to obtain reasonable assurance about whetherthe financial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well as evaluatingthe overall financial statement presentation. I believe that**myaudits provide a reasonable basis for my opinion.

 

In my opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of Maidu Properties (ACalifornia Limited Partnership) as of December 31, 2001 and 2000, and theresults of its operations and its cash flows for the years then ended inconformity with generally accepted accounting principles.

 

My audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplementary information for the years ended December 31, 2001and 2000, on pages 12 and 13, is presented for purposes of additional analysisand is not a required part of the basic financial statements. Such informationhas been subjected to the audit procedures applied in the audits of the basicfinancial statements and, in my opinion, is fairly stated in all materialrespects in relation to the basic financial statements taken as a whole.

 

 

BERNARD E. REA, CPA

Stockton, California

March 8, 2002

 

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IndependentAuditors’ Report

 

To the Partners of

Pedcor Investments - 1989- X, L.P.

(An Indiana LimitedPartnership)

 

We have audited theaccompanying balance sheet of Pedcor Investments - 1989 - X, L.P. (an IndianaLimited Partnership) as of December 31, 2001, and the related statementsof profit and loss and changes in partners’ equity (deficit) and cash flows forthe year then ended. These financial statements are the responsibility of thePartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audit.

 

We conducted our audit inaccordance with auditing standards generally accepted in the United States ofAmerica and *GovernmentAuditing Standards,*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audit provides a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly in all material respectsthe financial position of Pedcor Investments - 1989 - X, L.P. as ofDecember 31, 2001, and the results of its operations and changes inpartners’ equity (deficit) and cash flows for the year then ended in conformitywith accounting principles generally accepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report datedJanuary 25, 2002, on our consideration of the Partnership’s internalcontrols and a report dated January 25, 2002, on its compliance with lawsand regulations.

 

The accompanyingsupplementary information is presented for purposes of additional analysis andis not a required part of the basic financial statements. Such information hasbeen subjected to the auditing procedures applied in the audit of the basicfinancial statements and, in our opinion, is fairly stated in all materialrespects in relation to the financial statements taken as a whole.

 

 

DAUBY, O’CONNOR &SALESKI, LLC

Carmel, Indiana

January 25, 2002

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners

Academy Hill LimitedPartnership

Winston-Salem, NorthCarolina

 

We have audited theaccompanying balance sheets of Academy Hill Limited Partnership as ofDecember 31, 2001 and 2000, and the related statements of income,partners’ equity (deficit), and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and the standards applicable to financial audits contained in *GovernmentAuditing Standards,*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Academy Hill Limited Partnership as ofDecember 31, 2001 and 2000, and the results of its operations and its cashflows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report datedJanuary 15, 2002 on our consideration of Academy Hill LimitedPartnership’s internal control over financial reporting and on our tests of itscompliance with certain provisions of laws, regulations, contracts and grants.That report is an integral part of an audit performed in accordance with *GovernmentAuditing Standards*and should be read in conjunction with thatreport in considering the results of our audit.

 

 

MCGLADREY & PULLEN,LLP

Greensboro, NorthCarolina

January 15, 2002

 

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IndependentAuditors’ Report

 

To the Partners

Buckeye Senior, Ltd.

and USDA RuralDevelopment

 

We have audited theaccompanying balance sheets of Buckeye Senior, Ltd. (a limited partnership) asof December 31, 2001 and 2000, and the related statements of operations,partners’ equity (deficit) and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and Government Auditing Standards, issued by the ComptrollerGeneral of the United States. Those standards require that we plan and performthe audit to obtain reasonable assurance about whether the financial statementsare free of material misstatement. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Buckeye Senior, Ltd. as ofDecember 31, 2001 and 2000, and the results of its operations and thechanges in partners’ equity (deficit) and cash flows for the years then endedin conformity with accounting principles generally accepted in the UnitedStates of America.

 

In accordance with GovernmentAuditing Standards, we have also issued a report dated January 26,2002, on our consideration of Buckeye Senior, Ltd.’s internal control overfinancial reporting and our tests of its compliance with certain provisions oflaws, regulations, contracts and grants. That report is an integral part of anaudit performed in accordance with Government Auditing Standards, andshould be read in conjunction with this report in understanding the results ofour audit.

 

Our audits were conducted for the purpose of forming an opinion on thefinancial statements taken as a whole. The supplemental information included inthe report is presented for purposes of additional analysis and is not arequired part of the financial statements of Buckeye Senior, Ltd. Suchinformation has been subjected to the auditing procedures applied in the auditof the financial statements and, in our opinion, is fairly stated in allmaterial respects in relation to the financial statements taken as a whole.

 

 

MCGEE & ASSOCIATES,PC

Farmington, New Mexico

January 26, 2002

 

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INDEPENDENTAUDITORS’ REPORT

 

Coronado Housing LimitedPartnership

c/o Pima Council on Aging

5055 East Broadway, C-104

Tucson, Arizona 85711

 

We have audited theaccompanying balance sheet of Coronado Housing Limited Partnership as ofDecember 31, 2001, and the related statements of operations, partners’equity, and cash flows for the year then ended. These financial statements arethe responsibility of the Partnership’s management. Our responsibility is toexpress an opinion on these financial statements based on our audit.

 

We conducted our audit inaccordance with generally accepted auditing standards in file United States ofAmerica. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audit provides a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Coronado Housing Limited Partnership as ofDecember 31, 2001 and the results of its operation and its cash flows forthe year then ended in conformity with generally accepted accounting principlesin the United States of America.

 

 

FRIZZELL, SENKERCK &COMPANY, PC

Tucson, Arizona

March 7, 2002

 

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**Independent Auditor’s Report**

 

To the Partners

Franklin SchoolAssociates

Great Falls, Montana

 

We have audited theaccompanying balance sheets of Franklin School Associates, Franklin SchoolApartments (Project) as of December 31, 2001 and 2000, and the relatedstatements of income, changes in partners’ equity (deficit) and cash flows forthe years then ended. These financial statements are the responsibility of theProject’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and *Government Auditing Standards*issued by the ComptrollerGeneral of the United States. Those standards require that we plan and performthe audit to obtain reasonable assurance about whether the financial statementsare free of material misstatement. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of the Project as of December 31, 2001and 2000, and the results in its operations, changes in partners’ equity(deficit), and cash flows for the years then ended in conformity with accountingprinciples generally accepted in the United States of America.

 

Our audits were conductedfor the purpose of forming an opinion on the basic financial statements takenas a whole. The accompanying supplemental information on pages 13 to 15 ispresented for purposes of additional analysis and is not a required part of thebasic financial statements of the Project. Such information has been subjectedto the auditing procedures applied in the audits of the basic financialstatements and, in our opinion, is fairly stated in all material respects, inrelation to the basic financial statements taken as a whole.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report datedFebruary 8, 2002, on our consideration of the Project’s internal controlover financial reporting and on our tests of its compliance with certainprovisions of laws, regulations, contract, and grants. That report is anintegral part of an audit performed in accordance with *Government Auditing Standards*andshould be read in conjunction with this report in considering the results ofour audit.

 

 

KAY L. BOWEN &ASSOCIATES, P.C.

Ogden, Utah

February 8, 2002

 

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**Independent Auditor’s Report**

 

To the Partners

Hilltop Apartments (ALimited Partnership)

A USDA Rural HousingService Project

 

I have audited theaccompanying balance sheets of Hilltop Apartments (A Limited Partnership) as ofDecember 31, 2002 and 2001, and the related statements of operations,partners’ deficit, and cash flows for the years then ended. These financialstatements are the responsibility of the partnership’s management. Myresponsibility is to express an opinion on these financial statements based onmy audits.

 

I conducted my audits inaccordance with auditing standards and Government Auditing Standards, issuedby the Comptroller General of the United States. Those standards require thatwe plan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. I believe that ouraudits provide a reasonable basis for my opinion.

 

In my opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Hilltop Apartments Limited Partnership, asof December 31, 2002 and 2001, and the results of its operations and thechanges in partners’ deficit and cash flows for the years then ended inconformity with generally accepted accounting principles.

 

In accordance with GovernmentAuditing Standards, I have also issued a report dated January 29,2003, on my consideration of Hilltop Apartments’ internal control structure anda report date of January 29, 2003, on its compliance with laws andregulations applicable to the basic fincnail statements.

 

 

GREGORY D. DuBROCK, CPA

Alburquerque, NM

January 29, 2003

 

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INDEPENDENTAUDITORS’ REPORT

 

To the Partners

London Arms/Lyn MarLimited Partnership

Boston, Massachusetts

 

We have audited theaccompanying Balance Sheets of London Arms/Lyn Mar, Ltd. (a Florida Limited Partnership),as of December 31, 2001 and 2000 and the related Statements of Income,Partners’ Equity and Cash Flows for the years then ended. These financialstatements are the responsibility of the management of London Arms/Lyn MarLimited Partnership. Our responsibility is to express an opinion on thesefinancial statements based on our audit.

 

We conducted our audit inaccordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation.  We believe thatour audit provides a reasonable basis for our opinion.

 

In our opinion, the financialstatements referred to above present fairly, in all material respects, thefinancial position of London Arms/Lyn Mar Limited Partnership as ofDecember 31, 2001 and 2000, and the results of its operations, the changesin partners’ equity and cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

Our audit was made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information is presented for purposes of additionalanalysis and is not a required part of the basic financial statements. Suchinformation has been subjected to the audit procedures applied in the audit ofthe basic financial statements and, in our opinion, is fairly stated in allmaterial respects in relation to the basic financial statements taken as awhole.

 

 

BLOOM, GETIS, HABIB,SILVER & TERRONE, PA

Miami, FL

February 18, 2002

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners

South Fork HeightsLimited Partnership

 

We have audited theaccompanying balance sheets of South Fork Heights Limited Partnership (a Texaslimited partnership), USDA Project No.: 05z53-742476220, as ofDecember 31, 2001 and 2000, and the related statements of operations,partners’ equity (deficit) and cash flows for the years then ended. Thesefinancial statements are the responsibility of the partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audits.

 

We conducted our audits inaccordance with generally accepted auditing standards and the standardsapplicable to financial audits contained in *Government Auditing Standards,*issued bythe U.S. General Accounting Office. Those standards require that we plan andperform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of South Fork Heights Limited Partnership asof December 31, 2001 and 2000, and the results of its operations and thecash flows for the years then ended in conformity with generally acceptedaccounting principles.

 

In accordance with *GovernmentAuditing Standards,*we have also issued our report datedMarch 25, 2002, on our consideration of South Fork Heights LimitedPartnership’s internal control over financial reporting and our tests of itscompliance with certain provisions of laws, regulations, contracts and grants.

 

Our audits were performedfor the purpose of forming an opinion on the basic financial statements takenas a whole. The supplemental information on pages 12 - 23 is presented forpurposes of additional analysis required by the United States Department ofAgriculture and is not a required part of the basic financial statements. Suchinformation has been subjected to the auditing procedures applied in the auditof the basic financial statements and, in our opinion, is fairly stated, in allmaterial respects, in relation to the basic financial statements taken as awhole.

 

 

THOMPSON, DERRIG &CRAIG, PC

Bryan, TX

March 25, 2002

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners

Wildridge Apartments,Ltd.

Panama City, Florida

 

We have audited theaccompanying balance sheets of Wildridge Apartments, Ltd., a limitedpartnership, USDA, Rural Development Project No: 11-51-592863964, as ofDecember 31, 2001 and 2000 and the related statements of operations,changes in partners’ deficit and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and Government Auditing Standards, issued by the ComptrollerGeneral of the United States. Those standards require that we plan and performthe audits to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Wildridge Apartments, Ltd., atDecember 31, 2001 and 2000, and the results of its operations and changesin partners’ deficit and cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements, taken as awhole. The supplementary information is presented for the purpose of additionalanalysis and is not a required part of the basic financial statements. Suchinformation has been subjected to the auditing procedures applied in the auditof the basic financial statements and, in our opinion, is fairly presented inall material respects in relation to the basic financial statements taken as awhole.

 

 

SMITH, MILES &COMPANY, PA

Panama City, Florida

February 15, 2002

 

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INDEPENDENTAUDITORS’REPORT

 

Brandywood Limited Partnership

Madison, Wisconsin

 

We have audited theaccompanying balance sheets of Brandywood Limited Partnership as ofDecember 31, 2001 and 2000 and the related statements of operations,partners’ deficit and cash flows for the years then ended. These financialstatements are the responsibility of the partnership’s management. Ourresponsibility is to express an opinion on these financial statements based onour audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America. Those standards require that we plan and perform the audit toobtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Brandywood Limited Partnership as ofDecember 31, 2001 and 2000 and the results of its operations and cashflows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

Our audits were conductedfor the purpose of forming an opinion on the basic financial statements takenas a whole. The supplemental information provided, as identified in the tableof contents, is presented for purposes of additional analysis and is not arequired part of the basic financial statements. Such information has beensubjected to the auditing procedures applied in the audit of the basicfinancial statements and, in our opinion, is fairly stated in all materialrespects in relation to the basic financial statements taken as a whole.

 

 

VIRCHOW, KRAUSE &COMPANY, LLP

Madison, Wisconsin

January 11, 2001

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners of

Briarwick Apartments,Ltd.

 

We have audited theaccompanying balance sheets of Briarwick Apartments, Ltd. (a Kentucky limitedpartnership) as of December 31, 2001, 2000, and 1999, and the relatedstatements of results of operations, changes in partners’ capital and cashflows for the years then ended. These financial Statements are theresponsibility of the Partnership’s management. Our responsibility is toexpress an opinion on these financial statements based on our audit.

 

We conducted our audit inaccordance with auditing standards generally accepted in the United States ofAmerica, *GovernmentAuditing Standards,*issued by the Comptroller General of the UnitedStates, and the provisions of the United States Department of Agriculture,Rural Development audit program. Those standards require that we plan andperform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audit provides areasonable basis for our opinion.

 

In Our opinion, thefinancial statements referred to above present fairly, in all materialrespects, tine financial position of Briarwick Apartments, Ltd. as of December 31,2001, 2000, and 1999, and the results of its operations, changes in partners’capital and its cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report datedMarch 28, 2002, on our consideration of Briarwick Apartments, Ltd.’sinternal control over financial reporting and tests of its compliance withcertain provisions of laws and regulations. This report is an integral part ofan audit performed in accordance with Government Auditing Standards and shouldbe read in conjunction with this report in considering the results of ouraudit.

 

 

FRALEYS, MILLER &COMPANY

West Liberty, Kentucky

March 28, 2002

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners of

Bucksport Park Associates

(A Maine LimitedPartnership)

 

We have audited theaccompanying balance sheets of Bucksport Park Associates (a Maine LimitedPartnership) as of December 31, 2001 and 2000, and the related statementsof operations, changes in partners’ equity (deficit), and cash flows for theyears then ended. These financial statements are the responsibility of thePartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and *Government Auditing Standards,*issued by the ComptrollerGeneral of the United States. Those standards require that we plan and performthe audits to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Bucksport Park Associates as ofDecember 31, 2001 and 2000, and the results of its operations and its cashflows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report datedFebruary 28, 2002, on our consideration of the Partnership’s internalcontrols and a report dated February 28, 2002, on its compliance with lawsand regulations.

 

The accompanyingsupplementary information is presented for purposes of additional analysis andis not a required part of the basic financial statements. Such information hasbeen subjected to the auditing procedures applied in the audits of the basicfinancial statements and, in our opinion, is fairly stated in all materialrespects in relation to the financial statements taken as a whole.

 

 

DAUBY O’CONNOR &SALESKI, LLC

Carmel, Indiana

February 28, 2002

 

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IndependentAuditors, Report

 

To the Partners of

Clymer House Associates

(A Maine LimitedPartnership)

 

We have audited theaccompanying balance sheets of Clymer House Associates (A Maine LimitedPartnership) as of December 31, 2001 and 2000, and the related statementsof operations, changes in partners’ equity (deficit), and cash flows for theyears then ended. These financial statements are the responsibility of thePartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and *Government Auditing Standards,*issued by the ComptrollerGeneral of the United States. Those standards require that we plan and performthe audits to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Clymer House Associates as ofDecember 31, 2001 and 2000, and the results of its operations and its cashflows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report dated February 28,2002, on our consideration of the Partnership’s internal controls and a reportdated February 28, 2002, on its compliance with laws and regulations.

 

The accompanyingsupplementary information is presented for purposes of additional analysis andis not a required part of the basic financial statements. Such information hasbeen subjected to the auditing procedures applied in the audits of the basicfinancial statements and, in our opinion, is fairly stated in all materialrespects in relation to the financial statements taken as a whole.

 

 

DAUBY O’CONNOR &SALESKI, LLC

Carmel, Indiana

February 28, 2002

 

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IndependentAuditors’ Report

 

To the Partners of

Cornish Park Associates

(A Maine LimitedPartnership)

 

We have audited theaccompanying balance sheets of Cornish Park Associates (a Maine LimitedPartnership) as of December 31, 2001 and 2000, and the related statementsof operations, changes in partners’ equity (deficit), and cash flows for theyears then ended. These financial statements are the responsibility of thePartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and *Government Auditing Standards,*issued by the ComptrollerGeneral of the United States. Those standards require that we plan and performthe audits to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Cornish Park Associates as ofDecember 31, 2001 and 2000, and the results of its operations and its cashflows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report datedFebruary 28, 2002, on our consideration of the Partnership’s internalcontrols and a report dated February 28, 2002, on its compliance with lawsand regulations.

 

The accompanyingsupplementary information is presented for purposes of additional analysis andis not a required part of the basic financial statements. Such information hasbeen subjected to the auditing procedures applied in the audits of the basicfinancial statements and, in our opinion, is fairly stated in all materialrespects in relation to the financial statements taken as a whole.

 

 

DAUBY O’CONNOR &SALESKI, LLC

Carmel, Indiana

February 28, 2002

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners

Franklin II LimitedPartnership

 

I have audited theaccompanying balance sheets of Franklin II Limited Partnership, RHS ProjectNo.: 55-009-541462949, as of December 31, 2001 and 2000 and the relatedstatements of operations, partners’ deficit and cash flows for the years thenended. These financial statements are the responsibility of the partnership’smanagement. My responsibility is to express an opinion on these financialstatements based on my audit.

 

I conducted my audit inaccordance with generally accepted auditing standards and Government AuditingStandards, issued by the Comptroller General of the United States. Thosestandards require that I plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial presentation. I believethat my audit provided a reasonable basis for my opinion.

 

In my opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Franklin II Limited Partnership, RHS ProjectNo.: 55-009-541462949, as of December 31, 2001, and the results of itsoperations, the changes in partners’ deficit and cash flows for the year thenended, in conformity with generally accepted accounting principles.

 

My audit was made for thepurpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information on pages 16 through 19 is presented forpurposes of additional analysis and is not a required part of the basicfinancial statements. Such information has been subjected to the auditingprocedures applied in the audit of the basic financial statements and, in myopinion, is fairly stated in all material respects in relation to the basicfinancial statements taken as a whole.

 

In accordance with GovernmentAuditing Standards, I have also issued reports dated January 3, 2002on my consideration of Franklin II Limited Partnership’s internal control andits compliance with laws and regulations applicable to the financialstatements.

 

 

TIMOTHY FORCE, CPA

Bethesda, Maryland

January 3, 2002

 

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# INDEPENDENT AUDITOR’SREPORT

#  

To the Partners

Hunters Park LimitedPartnership

 

We have audited theaccompanying balance sheets of Hunters Park Limited Partnership as ofDecember 31, 2001 and 2000, and the related statements of operations,partners’ equity (deficit), and cash flows for the years then ended. Thesefinancial statements are the responsibility of Hunters Park Limited Partnershipmanagement. Our responsibility is to express an opinion on these financialstatements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and the standards applicable to financial audits contained in GovernmentAuditing Standards issued by the Comptroller General of the United States.Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of materialmisstatement. All audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation.We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Hunters Park Limited Partnership as ofDecember 31, 2001 and 2000, and the results of its operations, changes inpartners’ equity (deficit) and its cash flows for the years then ended, inconformity with accounting principles generally accepted in the United Statesof America.

 

In accordance with GovernmentAuditing Standards, we have also issued our report dated January 24,2002 on our consideration of Hunters Park Limited Partnership’s internalcontrol over financial reporting and our tests of its compliance with certainprovisions of laws, regulations, contracts and grants. That report is anintegral part of an audit performed in accordance with Government AuditingStandards and should be read in conjunction with this report in consideringthe results of our audit.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplementary information on page 13 is presented for purposes ofadditional analysis and is not a required part of the basic financialstatements. Such information has been subjected to the auditing proceduresapplied in the audit of the basic financial statements and, in our opinion, ispresented fairly in all material respects in relation to the basic financialstatements taken as a whole.

 

 

HOLDEN, MOSS, KNOTT CLARk& TAYLOR, PA

Henderson, North Carolina

January 24, 2002

 

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IndependentAuditor’s Report

 

Partners

Ivan Woods LimitedPartnership

Okemos, Michigan

 

We have audited theaccompanying balance sheets of Ivan Woods Limited Partnership as ofDecember 31, 2001 and 2000, and the related statements of revenue,expenses and partners’ capital and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America. Those standards require that we plan and perform the audit toobtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Ivan Woods Limited Partnership as ofDecember 31, 2001 and 2000, the results of its operations and its cashflows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The schedules of renting, administrative, operating, maintenance, taxesand insurance expenses on page 9 are presented for the purpose of additional analysisand are not a required part of the basic financial statements. Such informationhas been subjected to the auditing procedures applied in the audit of the basicfinancial statements, and in our opinion, is fairly stated in all materialrespects in relation to the basic financial statements taken as a whole.

 

 

MCCARTHY & COMPANY,PC

Okemos, Michigan

February 9,2002

 

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IndependentAuditor’s Report

 

To the Partners

Lakeridge Apartments ofEufaula, Ltd.

Panama City, Florida

 

We have audited theaccompanying balance sheets of Lakeridge Apartments of Eufaula, Ltd., a limitedpartnership, USDA, Rural Development Project No: 01-0030592933800, as ofDecember 31, 2001 and 2000 and the related statements of operations,changes in partners’ deficit and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and Government Auditing Standards, issued by the ComptrollerGeneral of the United States. Those standards require that we plan and performthe audits to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Lakeridge Apartments of Eufaula, Ltd., atDecember 31, 2001 and 2000, and the results of its operations and changesin partners’ deficit and cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements, taken as awhole. The supplementary information is presented for the purpose of additionalanalysis and is not a required part of the basic financial statements. Suchinformation has been subjected to the auditing procedures applied in the auditof the basic financial statements and, in our opinion, is fairly presented inall material respects in relation to the basic financial statements taken as awhole.

 

 

SMITH, MILES &COMPANY, PA

Panama City, Florida

February 15, 2002

 

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IndependentAuditors’ Report

 

To the Partners

Los Caballos II, Ltd.

and USDA RuralDevelopment

 

We have audited theaccompanying balance sheets of Los Caballos II, Ltd. (a limited partnership) asof December 31, 2001 and 2000, and the related statements of operations,partners’ equity and cash flows for the years then ended. These financialstatements are the responsibility of the Partnership’s management. Ourresponsibility is to express an opinion on these financial statements based onour audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and Government Auditing Standards, issued by the ComptrollerGeneral of the United States. Those standards require that we plan and performthe audit to obtain reasonable assurance about whether the financial statementsare free of material misstatement. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Los Caballos II, Ltd. as of December 31,2001 and 2000, and the results of its operations and the changes in partners’equity and cash flows for the years then ended in conformity with accountingprinciples generally accepted in the United States of America.

 

In accordance with GovernmentAuditing Standards, we have also issued a report dated January 26,2002, on our consideration of Los Caballos II, Ltd.’s internal control overfinancial reporting and our tests of its compliance with certain provisions oflaws, regulations, contracts and grants. That report is an integral part of anaudit performed in accordance with Government Auditing Standards, andshould be read in conjunction with this report in understanding the results ofour audits.

 

Our audits were conductedfor the purpose of forming an opinion on the financial statements taken as awhole. The supplemental information included in the report is presented forpurposes of additional analysis and is not a required part of the financialstatements of Los Caballos II, Ltd. Such information has been subjected to theauditing procedures applied in the audit of the financial statements and, inour opinion, is fairly stated in all material respects in relation to thefinancial statements taken as a whole.

 

 

McGEE & ASSOCIATES,PC

Farmington, New Mexico

January 26, 2002

 

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IndependentAuditors’ Report

 

To the Partners of

Nanty Glo HouseAssociates

(A Maine LimitedPartnership)

 

We have audited theaccompanying balance sheets of Nanty Glo House Associates (a Maine LimitedPartnership) as of December 31, 2001 and 2000, and the related statementsof operations, changes in partners’ equity, and cash flows for the years thenended. These financial statements are the responsibility of the Partnership’smanagement. Our responsibility is to express an opinion on these financialstatements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and *Government Auditing Standards,*issued by the ComptrollerGeneral of the United States. Those standards require that we plan and performthe audits to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Nanty Glo House Associates as ofDecember 31, 2001 and 2000, and the results of its operations and its cashflows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report datedFebruary 28, 2002, on our consideration of the Partnership’s internalcontrols and a report dated February 28, 2002, on its compliance with lawsand regulations.

 

The accompanyingsupplementary information is presented for purposes of additional analysis andis not a required part of the basic financial statements. Such information hasbeen subjected to the auditing procedures applied in the audits of the basicfinancial statements and, in our opinion, is fairly stated in all materialrespects in relation to the financial statements taken as a whole.

 

 

DAUBY O’CONNOR &SALESKI, LLC

Carmel, Indiana

February 28, 2002

 

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IndependentAuditors’ Report

 

To The Partners

Nye County Associates

(A California LimitedPartnership)

Cheyenne, WY

 

I have audited theaccompanying balance sheets of Nye County Association (A California LimitedPartnership), USDA Rural Development Case No. 33-019-680192750, as ofDecember 31, 2001 and 2000, and the related statements of income,partners’ equity, and cash flows for the years then ended. These financial statementsare the responsibility of the Partnership’s management. My responsibility is toobtain an opinion on these financial statements based on my audits.

 

I conducted my audits inaccordance with generally accepted auditing standards and *Government Auditing Standards*issuedby the Comptroller General of the United States. Those standards require that Iplan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includes examining,on a test basis, evidence supporting the amounts and disclosures in thefinancial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management as well asevaluating the overall financial statement presentation. I believe that myaudits provide a reasonable basis for my opinion.

 

In my opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Nye County Associates (A California LimitedPartnership) as of December 31, 2001 and 2000, and the results of itsoperations and its cash flows for the years then ended, in conformity withgenerally accepted accounting principles.

 

In accordance with *GovernmentAuditing standards,*I**have also issued a report datedMarch 11, 2002 on my consideration of Nye County Associates’ internalcontrol structure and a report dated March 1l, 2002 on its compliance withlaws and regulations.

 

 

BERNARD E. REA, CPA

Stockton, California

March 11, 2002

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners

Villas of Lakeridge, Ltd.

Panama City, Florida

 

We have audited theaccompanying balance sheets of Villas of Lakeridge, Ltd., a limitedpartnership, USDA, Rural Development Project No: 01-0030592930819, as of December 31,2001 and 2000 and the related statements of operations, changes in partners’deficit and cash flows for the years then ended. These financial statements arethe responsibility of the Partnership’s management. Our responsibility is toexpress an opinion on these financial statements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and Government Auditing Standards, issued by the ComptrollerGeneral of the United States. Those standards require that we plan and performthe audits to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide a reasonablebasis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Villas of Lakeridge, Ltd., atDecember 31, 2001 and 2000, and the results of its operations and changesin partners’ deficit and cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements, taken as awhole. The supplementary information is presented for the purpose of additionalanalysis and is not a required part of the basic financial statements. Suchinformation has been subjected to the auditing procedures applied in the auditof the basic financial statements and, in our opinion, is fairly presented inall material respects in relation to the basic financial statements taken as awhole.

 

 

SMITH, MILES &COMPANY, PA

Panama City, FL

February 15, 2002

 

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INDEPENDENTAUDITORS’ REPORT

 

To the Partners

Waynesboro Associates,Limited

 

We have audited theaccompanying balance sheets of Waynesboro Associates, Limited (a Tennesseelimited partnership) d/b/a Waynesboro Village Apartments, RHS Project No.:48-091-621385326, as of December 31, 2001 and 2000, and the relatedstatements of operations, partners’ equity, and cash flows for the years thenended. These financial statements are the responsibility of the Partnership’smanagement. Our responsibility is to express an opinion on these financial statementsbased on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and *Government*Auditing *Standards,*issued by the ComptrollerGeneral of the United States. Those standards require that we plan and performthe audits to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Waynesboro Associates, Limited (a Tennesseelimited partnership) d/b/a Waynesboro Village Apartments, RHS Project No.: 48-091-621385326,as of December 31, 2001 and 2000, and the results of its operations, thechanges in partners’ equity and its cash flows for the years then ended inconformity with accounting principles generally accepted in the United Statesof America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report datedFebruary 11, 2002 on our consideration of Waynesboro Associates, Limited’sinternal control over financial reporting and our tests of its compliance withcertain provisions of laws, regulations, contracts, and grants.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information on page 12 is presented for purposes ofadditional analysis and is not a required part of the basic financialstatements. Such information has been subjected to the audit procedures appliedin the audits of the basic financial statements and, in our opinion, is fairlystated in all material respects in relation to the basic financial statementstaken as a whole.

 

 

YORK, DILLINGHAM &COMPANY, PLLC

Columbia, Tennessee

February 11, 2002

 

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INDEPENDENTAUDITORS’ REPORT

 

To the Partners

Windsor II LimitedPartnership

 

I have audited theaccompanying balance sheets of Windsor II Limited Partnership, *RHS Project*No.:54-057-541440877, as of December 31, 2001 and 2000, and the relatedstatements of’ operations, partners’ deficit and cash flows for the years thenended. These financial statements are the responsibility of the partnership’smanagement. My responsibility is to express an opinion on these financialstatements based on my audit.

 

I conducted my audit inaccordance with generally accepted auditing standards and GovernmentAuditing Standards, issued by the Comptroller General of the United States.Those standards require that I plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial presentation. I believethat my audit provided a reasonable basis for my opinion.

 

In my opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Windsor II Limited Partnership, RHS ProjectNo.: 54-057-541440877, as of December 31, 2001 and 2000, and the resultsof its operations, the changes in partners’ deficit and cash flows for theyears then ended, in conformity with generally accepted accounting principles.

 

My audit was made for thepurpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information on pages 17 through 20 is presented forpurposes of additional analysis and is not a required part of the basicfinancial statements. Such information has been subjected to the auditingprocedures applied in the audit of the basic financial statements and, in myopinion, is fairly stated in all material respects in relation to the basicfinancial statements taken as a whole.

 

In accordance with GovernmentAuditing Standards, I have also issued reports dated January 3, 2002on my consideration of Windsor II Limited Partnership’s internal control andits compliance with laws and regulations applicable to the financialstatements.

 

 

TIMOTHY FORCE, CPA

Bethesda, Maryland

January 3, 2002

 

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INDEPENDENT AUDITORS’REPORT

 

To****the Partners

Amherst LimitedPartnership

 

I have audited theaccompanying balance sheets of Amherst Limited Partnership, RHS Project No.:54-007-541486870, as of December 31, 2001 and 2000 and the relatedstatements of operations, partners’ deficit and cash flows for the years thenended. These financial statements are the responsibility of the partnership’smanagement. My responsibility is to express an opinion on these financialstatements based on my audit.

 

I conducted my audit in accordancewith generally accepted auditing standards and Government AuditingStandards, issued by the Comptroller General of the United States. Thosestandards require that I plan and perform the audit to obtain reasonableassurance about whether the financial statements are Free of materialmisstatement. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial presentation. I believethat my audit provided a reasonable basis for my opinion.

 

In my opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Amherst Limited Partnership, RHS ProjectNo.: 54-007-541486870, as of December 31, 2001 and 2000, and the resultsof its operations, the changes in partners’ deficit and cash flows for theyears then ended, in conformity with generally accepted accounting principles.

 

My audit was made for thepurpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information on pages 16 through 19 is presented forpurposes of additional analysis and is not a required part of the basicfinancial statements. Such information has been subjected to the auditingprocedures applied in the audit of the basic financial statements and, in myopinion, is fairly stated in all material respects in relation to the basicfinancial statements taken as a whole.

 

In accordance with GovernmentAuditing Standards, I have also issued reports dated January 3, 2002on my consideration of Amherst Limited Partnership’s internal control and itscompliance with laws and regulations applicable to the financial statements.

 

 

TIMOTHY FORCE, CPA

Bethesda, Maryland

January 3, 2002

 

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**INDEPENDENT AUDITOR’S REPORT**

 

To the Partners

Beckwood Manor SixLimited Partnership

 

We have audited theaccompanying balance sheets of Beckwood Manor Six Limited Partnership, RDProject No. 03-048-0710677265 (the Partnership), as of December 31, 2001and 2000, and the related statements of profit (loss), changes in partners’equity (deficit) and cash flows for the years then ended. These financial statementsare the responsibility of the Partnership’s management. Our responsibility isto express an opinion on these financial statements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and the standards applicable to financial audits contained in *GovernmentAuditing Standards*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audits to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Beckwood Manor Six Limited Partnership asof December 31, 2001 and 2000, and its results of operations, changes inpartners’ equity (deficit), and cash flows for the years then ended in conformitywith accounting principles generally accepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued our report datedJanuary 31, 2002 on our consideration of the Partnership’s internalcontrol over financial reporting and our tests of its compliance with certainprovisions of laws, regulations, contracts and grants. That report is anintegral part of an audit performed in accordance with *Government Auditing Standards*andshould be read in conjunction with this report in considering the results ofour audit.

 

 

LITTLE, SHANEYFELT,MARSHALL, ROMINE & CO.

Little Rock, Arkansas

January 31, 2002

 

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IndependentAuditors’ Report

 

To the Partners of

Bethel Park Associates

(A Maine LimitedPartnership)

 

We have audited theaccompanying balance sheets of Bethel Park Associates (a Maine LimitedPartnership) as of December 31, 2001 and 2000, and the related statementsof operations, changes in partners’ equity (deficit), and cash flows for theyears then ended. These financial statements are the responsibility of thePartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and *Government Auditing Standards,*issued by the ComptrollerGeneral of the United States. Those standards require that we plan and performthe audits to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Bethel Park Associates as ofDecember 31, 2001 and 2000, and the results of its operations and its cashflows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report datedFebruary 28, 2002, on our consideration of the Partnership’s internalcontrols and a report dated February 28, 2002, on its compliance with lawsand regulations.

 

The accompanying supplementaryinformation is presented for purposes of additional analysis and is not arequired part of the basic financial statements. Such information has beensubjected to the auditing procedures applied in the audits of the basicfinancial statements and, in our opinion, is fairly stated in all materialrespects in relation to the financial statements taken as a whole.

 

 

DAUBY O’CONNOR &SALESKI, LLC

Carmel, Indiana

February 28, 2002

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners

BLANCHARD SENIORS APARTMENTSII

 

We have audited theaccompanying balance sheets of BLANCHARD SENIORS APARTMENTS II, RHS PROJECT NO.22-009-721116881 as of December 31, 2001 and 2000 and the relatedstatements of operations, changes in partners’ equity (deficit) and cash flowsfor the years then ended. These financial statements are the responsibility ofthe partnership’s management. Our responsibility is to express an opinion onthese financial statements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and *Government Auditing Standards,*issued by the ComptrollerGeneral of the United States. Those standards require that we plan and performthe audit to obtain reasonable assurance about whether the financial statementsare free of material misstatement. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of BLANCHARD SENIORS APARTMENTS II as ofDecember 31, 2001 and 2000 and the results of its operations, changes inpartners’ equity and cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information presented on pages 16 through 24, ispresented for purposes of additional analysis and is not a required part of thebasic financial statements. Such information has been subjected to the auditingprocedures applied in the audit of the basic financial statements and, in ouropinion, is fairly stated in all material respects in relation to the basicfinancial statements taken as a whole.

 

In accordance with *GovernmentAuditing Standards,*we have also issued a report datedFebruary 10, 2002 on our consideration of BLANCHARD SENIORS APARTMENTSII’s internal control and a report dated February 10, 2002 on itscompliance with laws and regulations applicable to the financial statements.

 

 

PAILET, MEUNIER ANDLEBLANC, LLP

Metairie, Louisiana

February 10, 2002

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners

Brantwood Lane LimitedPartnership

Charlotte, North Carolina

 

We have audited theaccompanying balance sheets of Brantwood Lane Limited Partnership (a Georgialimited partnership) as of December 31, 2001 and 2000, and the relatedstatements of operations, partners’ deficit, and cash flows for the years thenended. These financial statements are the responsibility of the Partnership’smanagement. Our responsibility is to express an opinion on these financialstatements based on our audits.

 

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America and the standards applicable to financial audits contained in *GovernmentAuditing Standards’*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audits to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Brantwood Lane Limited Partnership as ofDecember 31, 2001 and 2000, and the results of its operations and its cashflows for the years then ended in conformity with accounting principlesgenerally accepted in the United States of America.

 

In accordance with *GovernmentAuditing Standards,*we have also issued our report datedJanuary 31, 2002, on our consideration of the Partnership’s internalcontrol over financial reporting and our tests of its compliance with certainprovisions of laws, regulations, contracts, and grants.

 

Our audits were made forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplementary information listed in the table of contents ispresented for purposes of additional analysis and is not a required part of thebasic financial statements of the Partnership. Such information has beensubjected to the auditing procedures applied in the audits of the basicfinancial statements and, in our opinion, is fairly stated in all materialrespects in relation to the basic financial statements taken as a whole.

 

 

BERNARD ROBINSON &COMPANY, LLP

Greensboro, NC

January 31, 2002

 

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INDEPENDENTAUDITOR’S REPORT

 

To the Partners

Bridge Coalition LimitedPartnership

New York, New York

 

We have audited theaccompanying balance sheet of Bridge Coalition Limited Partnership as ofDecember 31, 2001 and the related statements of operations, changes inpartners’ equity and cash flows for the year then ended. These financialstatements are the responsibility of the Partnership’s management. Ourresponsibility is to express an opinion on these financial statements based onour audit.

 

We conducted our audit inaccordance with generally accepted auditing standards. Those standards requirethat we plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudit provides a reasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Bridge Coalition Limited Partnership as ofDecember 31, 2001 and the results of its operations and cash flows for theyear then ended, in conformity with generally accepted accounting principles.

 

 

N. CHENG & CO., PC

New York, New York

February 5, 2002

 

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**INDEPENDENT AUDITOR’S REPORT**

 

To the Partners

Carriage Run LimitedPartnership

 

I have audited theaccompanying balance sheets of Carriage Run Limited Partnership, as ofDecember 31, 2001 and 2000 and the related statements of operations,partners’ equity (deficit), and cash flows for the years then ended. Thesefinancial statements are the responsibility of management. My responsibility isto express an opinion on these financial statements based on my audit.

 

I conducted my audit inaccordance with generally accepted auditing standards and GovernmentAuditing Standards issued by the Comptroller General of the United States,and the U.S. Department of Agriculture, Farmers Home Administration AuditProgram, Those standards require that I plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatements presentation. I believe that my audit provides a reasonable basisfor my opinion.

 

In my opinion, thefinancial statements referred to above present fairly, in all materialrespects, the financial position of Carriage Run Limited Partnership, as ofDecember 31, 2001 and 2000 and the results of its operations, changes inpartners’ equity (deficit), and its cash flow for the years then ended inconformity with generally accepted accounting principles.

 

In accordance withgovernment auditing standards, I have also issued reports datedFebruary 15, 2002 on my consideration of Carriage Run LimitedPartnership’s internal control and on its compliance with laws and regulations.

 

My audit was made for thepurpose of forming an opinion on the basic financial statements taken as awhole. The supplemental information is presented for purposes of additionalanalysis and is not a required part of the basic financial statements. Suchinformation has been subjected to the auditing procedures applied in the auditsof the basic financial statements and, in my opinion, is fairly stated in allmaterial respects in relation to the financial statements taken as a whole.

 

 

PATTERSON & COMPANY,P.C.

Locust Grove, VA

February 15, 2002

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners

Cedarwood Apartments Limited Partnership

Raleigh, North Carolina

 

We have audited the accompanying balance sheets of Cedarwood ApartmentsLimited Partnership as of December 31, 2001 and 2000 and the related statementsof operations, partners’ equity and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audits.

 

We conducted our audits in accordance with U.S. generally acceptedauditing standards and the standards applicable to financial audits containedin *GovernmentAuditing Standards,*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audits to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of CedarwoodApartments Limited Partnership as of December 31, 2001 and 2000 and the resultsof its operations and its cash flows for the years then ended in conformitywith U.S. generally accepted accounting principles,

 

In accordance with *Government Auditing Standards,*we havealso issued our report dated January 17, 2002 on our consideration of CedarwoodApartments Limited Partnership’s internal control over financial reporting andour tests of its compliance with certain provisions of laws, regulations,contracts and grants. This report is an integral part of an audit performed inaccordance with *Government Auditing Standards*and should be read inconjunction with this report in considering the results of our audit.

 

Our audits were conducted for the purpose of forming an opinion on thebasic financial statements taken as a whole. The accompanying supplementaryinformation on Schedules 1 and 2 is presented for purposes of additionalanalysis and is not a required part of the basic financial statements ofCedarwood Apartments Limited Partnership. Such information has been subjectedto the audit procedures applied in the audit of the basic financial statementsand, in our opinion, is fairly stated in all material respects in relation tothe basic financial statements taken as a whole.

 

 

THOMAS, JUDY & TUCKER, PA

Raleigh, NC

January 17, 2002

 

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INDEPENDENT AUDITOR’SREPORT

 

To the Partners of Chaparral Associates:

 

I have audited the accompanying balance sheets of Chaparral Associates,a Limited Partnerships (the “Partnership”) as of December 31, 2001 and2000, and the related statements of operations, partners’ capital, and cashflows for the years then ended. These financial statements are theresponsibility of the Partnership’s management. My responsibility is to expressan opinion on these financial statements based on my audits.

 

I conducted my audits in accordance with generally accepted auditingstandards and the standards applicable to financial audits contained in *GovernmentAuditing Standards*issued by the Comptroller General of the UnitedStates, and contained in the U.S. Department of Agriculture, Farmers HomeAdministration *Audit Program.*Those standards require that I plan andperform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. I believe that my audits provide a reasonablebasis for my opinion.

 

In my opinion, the financial statements referred to above presentfairly, in all material respects the financial position of the Partnership asof December 31, 2001 and 2000, and the results of its operations and its cashflows for the years then ended in conformity with generally ended in conformitywith generally accepted accounting principles. 

 

In accordance with *Government Auditing Standards,*I have alsoissued my report dated February 4, 2002 on my consideration of thePartnership’s internal control over financial reporting and on my tests of itscompliance with certain provisions of laws and regulations, contracts, andgrants. That report is an integral part of an audit performed in accordancewith *GovernmentAuditing Standards*and should be read in conjunction with thisreport in considering the results of my audit.

 

The accompanying supplementary information (beginning on page 10) ispresented for purposes of additional analysis and is not a required part of thebasic financial statements. Such information has been subjected to the auditingprocedures applied in the audit of the basic financial statements and, in myopinion, is fairly stated, in all material respects, in relation to thefinancial statements taken as a whole.

 

 

LAURIE A. LEE

Las Vegas, NV

February 4, 2002

 

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INDEPENDENT AUDITOR’SREPORT

 

To the Partners

College Greene Rental Associates, L.P.

 

We have audited the accompanying balance sheet of College Greene RentalAssociates, L.P. (a limited partnership) as of December 31, 2001 and 2000, andthe related statements of operations, changes in partners’ capital (deficit)and cash flows for the years then ended. These financial statements are theresponsibility of the Partnership’s management. Our responsibility is toexpress an opinion on these financial statements based on our audits

 

We conducted our audits in accordance with auditing standards generallyaccepted in the United States of America. Those standards require that we planand perform the audits to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of College GreeneRental Associates, L.P. as of December 31, 2001 and 2000, and the results ofits operations and its cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

 

SALMIN, CELONA, WEHRLE & FLAHERTY, LLP

Rochester, NY

January 31, 2002

 

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INDEPENDENT AUDITOR’SREPORT

 

To the Partners

COLORADO CITY SENIORS

 

Wehave audited the accompanying balance sheets of COLORADO CITY SENIORS, RHSPROJECT NO. 50-068-721125815 as of December 31, 2001 and 2000 and the relatedstatements of operations, changes in partners’ equity (deficit) and cash flowsfor the years then ended. These financial statements are the responsibility ofthe partnership’s management. Our responsibility is to express an opinion onthese financial statements based on our audits.

 

We conducted our audits in accordance with auditingstandards generally accepted in the United States of America and *GovernmentAuditing Standards,*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation.We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred toabove present fairly, in all material respects, the financial position ofCOLORADO CITY SENIORS as of December 31, 2001 and 2000 and the results of itsoperations, changes in partners’ equity and cash flows for the years then endedin conformity with accounting principles generally accepted in the UnitedStates of America.

 

Our audits were made for the purpose of forming anopinion on the basic financial statements taken as a whole. The supplementalinformation presented on pages 17 through 25, is presented for purposes ofadditional analysis and is not a required part of the basic financialstatements. Such information has been subjected to the auditing proceduresapplied in the audit of the basic financial statements and, in our opinion, isfairly stated in all material respects in relation to the basic financial statementstaken as a whole.

 

In accordance with *Government Auditing Standards,*we havealso issued a report dated February 21, 2002 on our consideration of COLORADOCITY SENIORS’ internal control and a report dated February 21, 2002 on itscompliance with laws and regulations applicable to the financial statements.

 

 

PAILET, MEUNIER & LEBLANC, LLP

Metairie, Louisiana

February 21, 2002

 

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INDEPENDENT AUDITOR’SREPORT

 

To the Partners

COTTONWOOD APARTMENTS II

 

We have audited the accompanying balance sheets of COTTONWOODAPARTMENTS II, RHS PROJECT NO. 22-005-721173468 as of December 31, 2001 and2000 and the related statements of operations, changes in partners’ equity(deficit) and cash flows for the years then ended. These financial statementsare the responsibility of the partnership’s management. Our responsibility isto express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with auditingstandards generally accepted in the United States of America and *GovernmentAuditing Standards,*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, the financial statements referred toabove present fairly, in all material respects, the financial position ofCOTTONWOOD APARTMENTS II as of December 31, 2001 and 2000 and the results ofits operations, changes in partners’ equity and cash flows for the years thenended in conformity with accounting principles generally accepted in the UnitedStates of America.

 

Our audits were made for the purpose of forming anopinion on the basic financial statements taken as a whole. The supplementalinformation presented on pages 16 through 24, is presented for purposes ofadditional analysis and is not a required part of the basic financial statements.Such information has been subjected to the auditing procedures applied in theaudit of the basic financial statements and, in our opinion, is fairly statedin all material respects in relation to the basic financial statements taken asa whole.

 

In accordance with *Government Auditing Standards,*we havealso issued a report dated January 31, 2002 on our consideration of COTTONWOODAPARTMENTS II’s internal control and a report dated January 31, 2002 on itscompliance with laws and regulations applicable to the financial statements.

 

 

PAILET, MEUNIER & LEBLANC, LLP

Metairie, Louisiana

January 31, 2002

 

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**Independent Auditors’ Report**

** **

To The Partners

Devenwood Apartments, A Limited Partnership

 

We have audited the accompanying balance sheets of DevenwoodApartments, A Limited Partnership as of December 31, 2001 and 2000, and therelated statements of operations, partners’ capital and cash flows for theyears then ended. These financial statements are the responsibility of thePartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

 

We conducted our audits in accordance with auditing standards generallyaccepted m the United States of America, and with *Government Auditing Standards*issuedby the Comptroller General of the United States. Those standards require thatwe plan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provides a reasonable basis for our opinion.

 

In our opinion, the financial statements referral to above presentfairly, in all material respects, the financial position of DevenwoodApartments, A Limited Partnership as of December 31, 2001 and 2000, and theresults of its operations and its cash flows for the years then ended inconformity with accounting principles generally accepted in the United Statesof America.

 

In accordance with *Government Auditing Standards,*we havealso issued a report dated January 29, 2002 on our consideration of DevenwoodApartments, A Limited Partnership’s internal control over financial reportingand our consideration of its compliance with certain provisions of laws,regulations, contracts, and grants. That report is an integral part of an auditperformed in accordance with *Government Auditing Standards*and shouldbe read in conjunction with this report in considering the results of ouraudit.

 

 

CRISP, HUGHES, EVANS, LLP

Greenville, SC

January 29, 2002

 

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Independent Auditors’Report

 

To the Partners

Franklin Vista III, Ltd.

and USDA Rural Development

 

We have audited the accompanying balance sheets of Franklin Vista III,Ltd. (a limited partnership) as of December 31, 2001 and 2000, and the related statementsof operations, partners’ equity and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audits.

 

We conducted our audits in accordance with auditing standards generallyaccepted in the United States of America and Government Auditing Standards, issuedby the Comptroller General of the United States. Those standards require thatwe plan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of Franklin Vista III,Ltd. as of December 31, 2001 and 2000, and the results of its operations andthe changes in partners’ equity and cash flows for the years then ended inconformity with accounting principles generally accepted in the United Statesof America.

 

In accordance with Government Auditing Standards, we have alsoissued a report dated January 19, 2001, on our consideration of Franklin Vista III,Ltd.’s internal control over financial reporting and our tests of itscompliance with certain provisions of laws, regulations, contracts and grants.That report is an integral part of an audit performed in accordance with GovernmentAuditing Standards, and should be read in conjunction with this report inunderstanding the results of our audit.

 

Our audits were conducted for the purpose of forming an opinion on thefinancial statements taken as a whole. The supplemental information included inthe report is presented for purposes of additional analysis and is not arequired part of the financial statements of Franklin Vista III, Ltd. Suchinformation has been subjected to the auditing procedures applied in the auditof the financial statements and, in our opinion, is fairly stated in allmaterial respects in relation to the financial statements taken as a whole.

 

 

MCGEE ASSOCIATES, PC

Farmington, New Mexico

January 19, 2002

 

 

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INDEPENDENT AUDITOR’SREPORT

 

To the Partners

Friendship Village, LLLP

Bethesda, Maryland

 

We have audited the accompanying balance sheets of Friendship Village,LLLP as of December 31, 2001 and 2000, and the related statements of income,changes in partners capital and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Partnerships management. Ourresponsibility is to express an opinion on these financial statements based onour audits.

 

We conducted our audits in accordance with auditing standards generallyaccepted in the United States of America, Government Auditing Standards issuedby the Comptroller General of the United States and the U.S. Department ofAgriculture, Farmers Home Administration Audit Program. Those standardsrequire that we plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free of material misstatement. An auditincludes examining, on a test basis, evidence supporting the amounts anddisclosures in the financial statements. An audit also includes assessing theaccounting principles used and significant estimates made by management, aswell as evaluating the overall financial statement presentation.  We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of Friendship Village,LLLP as of December 31, 2001 and 2000, and the results of its operations,changes of partners’ capital, and cash flows for the years then ended inconformity with accounting principles generally accepted in the United Statesof America.

 

In accordance with Government Auditing Standards, we have also issuedour reports dated February 27, 2002 on our consideration of Friendship Village,LLLP’s internal control and on its compliance with laws and regulations.

 

 

REGARDIE, BROOKS & LEWIS

Bethesda, MD

February 27, 2002

 

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INDEPENDENT AUDITOR’SREPORT

 

To the Partners

Haven Park Partners II, A California Partnership

 

I have audited the accompanying balance sheets of Haven Park PartnersIII, a California Limited Partnership, as of December 31, 2001 and 2000, andthe related statements of operations, partners’ equity and cash flows for theyear then ended. These financial statements are the responsibility of the partnership’smanagement. My responsibility is to express an opinion on these financialstatements based on our audits.

 

I conducted my audits in accordance with auditing standards generallyaccepted in the United States of America. Those standards require that I planand perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement., An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. I believe that ouraudits provide a reasonable basis for our opinion.

 

In my opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of Haven Park PartnersII, A California Limited Partnership as of December 31, 2001 and 2000, and theresults of its operations, the changes in partners’ equity and cash flows forthe year then ended in conformity with accounting principles generally acceptedin the United States of America.

 

Our audit was made for the purpose of forming an opinion on the basicfinancial statements taken as a whole. The supplementary information on page 12is presented for purposes of additional analysis and is not a required part ofthe basic financial statements. Such information has been subjected to theauditing procedures applied in the audit of the basic financial statements and,in our opinion, is fairly stated in all material respects in relation to thebasic financial statements taken as a whole.

 

 

MARTIN A. STARR, CPA

Bakersfield, CA

February 19, 2002

 

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INDEPENDENT AUDITOR’SREPORT

 

To the Partners

HUGHES SPRINGS SENIORS APARTMENTS, LTD,

 

We have audited the accompanying balance sheets ofHUGHES SPRINGS SENIORS APARTMENTS, LTD., RHS PROJECT NO. 49-034-721156758 as ofDecember 31, 2001 and 2000 and the related statements of operations, changes inpartners’ equity (deficit) and cash flows for the years then ended. Thesefinancial statements are the responsibility of the partnership’s management.Our responsibility is to express an opinion on these financial statements basedon our audits.

 

We conducted our audits in accordance with auditingstandards generally accepted in the United States of America and *GovernmentAuditing Standards,*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, the financial statements referred toabove present fairly, in all material respects, the financial position ofHUGHES SPRINGS SENIORS APARTMENTS, LTD. as of December 31, 2001 and 2000 andthe results of its operations, changes in partners’ equity and cash flows forthe years then ended in conformity with accounting principles generallyaccepted in the United States of America.

 

Our audits were made for the purpose of forming anopinion on the basic financial statements taken as a whole. The supplementalinformation presented on pages 16 through 24, is presented for purposes ofadditional analysis and is not a required part of the basic financialstatements. Such information has been subjected to the auditing proceduresapplied in the audit of the basic financial statements and, in our opinion, isfairly stated in all material respects in relation to the basic financialstatements taken as a whole.

 

In accordance with *Government Auditing Standards,*we havealso issued a report dated February 6, 2002 on our consideration of HUGHES SPRINGSSENIORS APARTMENTS, LTD.’s internal control and a report dated February 6, 2002on its compliance with laws and regulations applicable to the financialstatements.

 

 

PAILET, MEUNIER AND LEBLANC, LP

Metairie, Louisiana

February 6, 2002

 

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IN DEPENDENTAUDITOR’ S REPORT

 

To the Partners

La Gema Del Barrio, A California Limited Partnership

 

I have audited the accompanying balance sheets of LaGema Del Barrio, A California Limited Partnership, as of December 31, 2001 and2000, and the related statements of operations, partners’ equity, and cashflows for the years then ended. These financial statements are theresponsibility of the partnership’s management.  My responsibility is to express an opinion on these financialstatements based on my audits.

 

I conducted my audits in accordance with auditingstandards generally accepted in the United States. Those standards require thatI plan and perform the audits to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well as evaluatingthe overall financial statement presentation. I believe that my audits providea reasonable basis for my opinion.

 

In my opinion the accompanying financial statementsreferred to above present fairly, in all material respects, the financialposition of La Gema Del Barrio, A California Limited Partnership as of December31, 2001 and 2000, and the results of its operations, the changes in partners’equity, and cash flows for the years then ended in conformity with accountingprinciples generally accepted in the United States.

 

My audits were made for the purpose of forming anopinion on the basic financial statements taken as a whole. The supplementalinformation on page 13 is presented for purposes of additional analysis and isnot a required part of the basic financial statements. Such information hasbeen subjected to the auditing procedures applied in the audit of the basicfinancial statements and, in my opinion, is fairly stated in all materialrespects in relation to the basic financial statements taken as a whole.

 

 

SCHONWIT & ASSOCIATES

Costa Mesa, CA

January 25, 2002

 

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**INDEPENDENT AUDITORS’ REPORT**

** **

To the Partners

Montague Place Limited Partnership

Lansing, Michigan

 

We have audited the accompanying balance sheets ofMontague Place Limited Partnership as of December 31, 2001 and 2000, and therelated statements of net loss, partners’ equity and cash flows for the yearsthen ended. These financial statements are the responsibility of thePartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

 

We conducted our audits in accordance with auditingstandards generally accepted in the United States of America and the standardsapplicable to financial audits contained in *Government Auditing Standards,*issued bythe Comptroller General of the United States. Those standards require that weplan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includes examining,on a test basis, evidence supporting the amounts and disclosures in thefinancial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred toabove present fairly, in all material respects, the financial position ofMontague Place Limited Partnership as of December 31, 2001 and 2000, and theresults of its operations and its cash flows for the years then ended inconformity with accounting principles generally accepted in the United Statesof America.

 

In accordance with *Government Auditing Standards,*we havealso issued a report dated February 18, 2002 on our consideration of thePartnership’s internal control over financial reporting and on our tests of itscompliance with certain provisions of laws, regulations, contracts, and grants.That report is an integral part of an audit performed in accordance with *GovernmentAuditing Standards*and should be read in conjunction with thisreport in considering the results of our audit.

 

 

MANER COSTERISAN & ELLIS, PC

Lansing, Michigan

February 18, 2002

 

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INDEPENDENT AUDITOR’SREPORT

 

To the Partners of Navapai Associates:

 

I have audited the accompanying balance sheets of Navapai Associates, aLimited Partnership (the “Partnership”) as of December 31, 2001 and 2000, andthe related statements of operations, partners’ capital, and cash flows for theyears then ended. These financial statements are the responsibility of thePartnership’s management. My responsibility is to express an opinion on thesefinancial statements based on my audits.

 

I conducted my audits in accordance with generally accepted auditingstandards and the standards applicable to financial audits contained in *GovenmentAuditing Standards*issued by the Comptroller General of the UnitedStates, and contained in the U.S. Department of Agriculture, Farmers HomeAdministration *Audit Program.*Those standards require that I plan andperform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. I believe that my audits provide a reasonablebasis for my opinion.

 

In my opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of the Partnership asof December 31, 2001 and 2000, and the results of its operations and its cashflows for the years then ended in conformity with generally ended in conformitywith generally accepted accounting principles.

 

In accordance with *Government Auditing Standards,*I have alsoissued my report dated February 4, 2002 on my consideration of thePartnership’s internal control over financial reporting and on my tests of itscompliance with certain provisions of laws and regulations, contracts, andgrants. That report is an integral part of an audit performed in accordancewith *GovernmentAuditing Standards*and should be read in conjunction with thisreport in considering the results of my audit.

 

The accompanying supplementary information (beginning on page 10) ispresented for purposes of additional analysis and is not a required part of thebasic financial statements. Such information has been subjected to the auditingprocedures applied in the audit of the basic financial statements and, in myopinion, is fairly stated, in all material respects, in relation to thefinancial statements taken as a whole.

 

 

LAURIE A. LEE

Las Vegas, Nevada

February 4, 2002

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners

One Northridge Limited Partnership

 

We have audited the accompanying balance sheets of One NorthridgeLimited Partnership as of December 31, 2001 and 2000, and the relatedstatements of operations, partners’ equity (deficit), and cash flows for theyears then ended. These financial statements are the responsibility of thePartnership’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

 

We conducted our audits in accordance with auditing standards generallyaccepted in the United States of America. Those standards require that we planand perform the audits to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of One NorthridgeLimited Partnership as of December 31, 2001 and 2000, and the results of itsoperations, changes in partners’ equity (deficit), and cash flows for the yearsthen ended in conformity with accounting principles generally accepted in theUnited States of America.

 

Our audits were made for the purpose of forming an opinion on the basicfinancial statements taken as a whole. The supplemental information on page 12is presented for purposes of additional analysis and is not a required part ofthe basic financial statements. Such information has been subjected to theauditing procedures applied in the audits of the basic financial statementsand, in our opinion, is fairly stated in all material respects in relation tothe basic financial statements taken as a whole.

 

 

MONTEITH, LUCY & SHORKEY, LLC

Omaha, Nebraska

February 14, 2002

 

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**INDEPENDENT AUDITORS’ REPORT**

** **

To the Partners

Pine Ridge Elderly Apartments Limited Partnership

Raleigh, North Carolina

 

We have audited the accompanying balance sheets of Pine Ridge ElderlyApartments Limited Partnership as of December 31, 2001 and 2000 and the relatedstatements of operations, partners’ equity and cash flows for the years thenended. These financial statements are the responsibility of the Partnership’smanagement. Our responsibility is to express an opinion on these financialstatements based on our audits.

 

We conducted our audits in accordance with U.S. generally acceptedauditing standards. Those standards require that we plan and perform the auditsto obtain reasonable assurance about whether the financial statements are freeof material misstatement. An audit includes examining, on a test basis,evidence supporting the amounts and disclosures in the financial statements. Anaudit also includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of Pine Ridge ElderlyApartments Limited Partnership as of December 31, 2001 and 2000 and the resultsof its operations and its cash flows for the years then ended in conformitywith U.S. generally accepted accounting principles.

 

Our audits were made for the purpose of forming an opinion on the basicfinancial statements taken as a whole. The accompanying supplementaryinformation on Schedule 1 is presented for purposes of additional analysis andis not a required part of the basic financial statements of Pine Ridge ElderlyApartments Limited Partnership. Such information has been subjected to theaudit procedures applied in the audits of the basic financial statements and,in our opinion, is fairly stated in all material respects in relation to thebasic financial statements taken as a whole.

 

 

THOMAS, JUDY & TUCKER, PA

Raleigh, NC

January 17, 2002

 

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Independent Auditors’Report

 

To the Partners of

Pittsfield Park Associates

(A Maine Limited Partnership)

 

We have audited the accompanying balance sheets ofPittsfield Park Associates (a Maine Limited Partnership) as of December 31, 2001and 2000, and the related statements of operations, changes in partners’ equity(deficit), and cash flows for the years then ended. These financial statementsare the responsibility of the Partnership’s management. Our responsibility isto express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with auditingstandards generally accepted in the United States of America and *GovernmentAuditing Standards,*issued by the Comptroller General of the United States.Those standards require that we plan and perform the audits to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, the financial statements referred toabove present fairly, in all material respects, the financial position ofPittsfield Park Associates as of December 31, 2001 and 2000, and the results ofits operations and its cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

In accordance with *Government Auditing Standards,*we havealso issued a report dated February 28, 2002, on our consideration of thePartnership’s internal controls and a report dated February 28, 2002, on itscompliance with laws and regulations.

 

The accompanying supplementary information ispresented for purposes of additional analysis and is not a required part of thebasic financial statements. Such information has been subjected to the auditingprocedures applied in the audits of the basic financial statements and, in ouropinion, is fairly stated in all material respects in relation to the financialstatements taken as a whole.

 

 

DAUBY, O’CONNOR & SALESKI, LLC

Carmel, Indiana

February 28, 2002

 

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**INDEPENDENT AUDITORS’ REPORT**

 

To the Partners

Schroon Lake Housing Redevelopment Company

 

We have audited the accompanying balance sheets of Schroon Lake HousingRedevelopment Company as of December 31, 2001 and 2000, and the relatedstatements of operations, partners’ equity (deficit), and cash flows for theyears then ended. These financial statements are the responsibility of thePartnership’s management. Our responsibility is to express an opinion on thefinancial statements based on our audits.

 

We conducted our audits in accordance with auditing standards generallyaccepted in the United States of America and Government Auditing Standards issuedby the Comptroller General of the United States. Those standards require thatwe plan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by Management, as well asevaluating the overall financial statement presentation. We believe that our auditsprovide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of Schroon LakeHousing Redevelopment Company as of December 31, 2001 and 2000, and the resultsof its operations and its cash flows for the years then ended in conformitywith accounting principles generally accepted in the United States of America.

 

In accordance with Government Auditing Standards, we have alsoissued reports dated January 30, 2002, on our consideration of Schroon LakeHousing Redevelopment Company’s internal control structure and its compliancewith laws and regulations.

 

 

FECTEAU & COMPANY, PLLC

Albany, NY

January 30, 2002

 

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**INDEPENDENT AUDITOR’S REPORT**

 

To the Partners

Standardsville Village Limited Partnership

RHS No. 54-48-541523939

North Main Street

Standardsville, Virginia 22973

 

We have audited the accompanying balance sheet of StandardsvilleVillage Limited Partnership, RHS No. 54-48-541523939 as of December 31, 2001,and the related statements of operations, partners’ capital (deficiency), andcash flows for the year then ended. These financial statements are theresponsibility of the Partnership’s management. Our responsibility is toexpress an opinion on these financial statements based on our audit.

 

We conducted our audit in accordance with generally accepted auditingstandards and Government Auditing Standards issued by the ComptrollerGeneral of the United States, and the U.S. Department of Agriculture, FarmersHome Administration Audit Program. Those standards and the Audit Programrequire that we plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free of material misstatement. An auditincludes examining, on a test basis, evidence supporting the amounts anddisclosures in the financial statements. An audit also includes assessing theaccounting principles used and significant estimates made by management, aswell as evaluating the overall financial statement presentation. We believethat our audit provides a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of StandardsvilleVillage Limited Partnership, RHS No. 54-48-541523939 as of December 31, 2001,and the results of its operations and its cash flows for the year then ended inconformity with generally accepted accounting principles.

 

Our audit was made for the purpose of forming an opinion on the basicfinancial statements taken as a whole. The supplementary information on pages10 and 11 is presented for purposes of additional analysis and is not arequired part of the basic financial statements. Such information has beensubjected to the auditing procedures applied in the audit of the basicfinancial statements and, in our opinion, is fairly stated in all materialrespects in relation to the basic financial statements taken as a whole.

 

The financial statements and supplementary information of StandardsvilleVillage Limited Partnership for the year ended December 31, 2000 wereaudited by other auditors whose report, dated February 2, 2001, expressed anunqualified opinion on those statements.

 

 

ERIC COHEN & ASSOCIATES, PC

Gaithersburg, MD

February 1, 2002

 

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Independent Auditors’Report

 

To the Partners of

Tyrone House Associates

(A Maine Limited Partnership)

 

We have audited the accompanying balance sheets ofTyrone House Associates (a Maine Limited Partnership) as of December 31, 2001and 2000, and the related statements of operations, changes in partners’ equity(deficit), and cash flows for the years then ended. These financial statementsare the responsibility of the Partnership’s management. Our responsibility isto express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with auditingstandards generally accepted in the United States of America and *GovernmentAuditing Standards,*issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audits to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, the financial statements referred toabove present fairly, in all material respects, the financial position ofTyrone House Associates as of December 31, 2001 and 2000, and the results ofits operations and its cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

 

In accordance with *Government Auditing Standards,*we havealso issued a report dated February 28, 2002, on our consideration of the Partnership’sinternal controls and a report dated February 28, 2002, on its compliance withlaws and regulations.

 

The accompanying supplementary information ispresented for purposes of additional analysis and is not a required part of thebasic financial statements. Such information has been subjected to the auditingprocedures applied in the audits of the basic financial statements and, in ouropinion, is fairly stated in all material respects in relation to the financialstatements taken as a whole.

 

 

DAUBY, O’CONNOR & SALESKI, LLC

Carmel, Indiana

February 28, 2002

 

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**INDEPENDENT AUDITOR’S REPORT**

 

To the partners

Victoria Limited Partnership

 

I have audited the accompanying balance sheets of Victoria LimitedPartnership as of December 31, 2001 and 2000 and the related statements ofoperations, partners’ equity (deficit), and cash flows for the years thenended. These financial statements are the responsibility of management. Myresponsibility is to express an opinion on these financial statements based onmy audits.

 

I conducted my audits in accordance with generally accepted auditingstandards and Government Auditing Standards issued by the ComptrollerGeneral of the United States, and the U.S. Department of Agriculture, FarmersHome Administration Audit Program. Those standards require that I plan andperform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statements presentation. I believe that my audit provides a reasonablebasis for my opinion.

 

In my opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of Victoria LimitedPartnership, as of December 31, 2001 and 2000 and the results of itsoperations, changes in partners’ equity (deficit), and its cash flow for theyears then ended in conformity with generally accepted accounting principles.

 

In accordance with government auditing standards, I have also issuedreports dated February 15, 2002 on my consideration of Victoria LimitedPartnership’s internal control and on its compliance with laws and regulations.

 

My audit was made for the purpose of forming an opinion on the basicfinancial statements taken as a whole. The supplemental information is presentedfor purposes of additional analysis and is not a required part of the basicfinancial statements. Such information has been subjected to the auditingprocedures applied in the audits of basic financial statements and, in myopinion, is fairly stated in all material respects in relation to the financialstatements taken as a whole.

 

 

PATTERSON & COMPANY, PCLocust Grove, VA

February 15, 2002

 

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**INDEPENDENT AUDITOR’S REPORT**

 

To the Partners of

Village Terrace Limited Partnership

(A North Carolina Limited Partnership)

 

We have audited the accompanying balance sheets ofVillage Terrace Limited Partnership (a North Carolina Limited Partnership) asof December 31, 2001 and 2000, and the related statements of operations,changes in partners’ equity (deficit) and cash flows for the years then ended.These financial statements are the responsibility of the Partnership’smanagement. Our responsibility is to express an opinion on these financialstatements based on our audits.

 

We conducted our audits in accordance with auditingstandards generally accepted in the United States of America. Those standardsrequire that we plan and perform the audits to obtain reasonable assuranceabout whether the financial statements are free of material misstatement. Anaudit includes examining, on a test basis, evidence supporting the amounts anddisclosures in the financial statements. An audit also includes assessing theaccounting principles used and significant estimates made by management, aswell as evaluating the overall financial statement presentation. We believethat our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred toabove present fairly, in all material respects, the financial position ofVillage Terrace Limited Partnership as of December 31, 2001 and 2000, and theresults of its operations and its cash flows for the years then ended inconformity with accounting principles generally accepted in the United Statesof America.

 

The accompanying supplementary information ispresented for purposes of additional analysis and is not a required part of thebasic financial statements. Such information has been subjected to the auditingprocedures applied in the audits of the basic financial statements and, in ouropinion, is fairly stated in all material respects in relation to the financialstatements taken as a whole.

 

 

DAUBY, O’CONNOR & SALESKI, LLC

Carmel, Indiana

February 28, 2002

 

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Independent Auditor’sReport

 

To the Partners

Woodfield Commons Limited Partnership

 

We have audited the accompanying balance sheets of *Woodfield Commons Limited Partnership*asof December 31, 2001 and 2000, and the related statements of operations,partners’ equity, and cash flows for the years then ended. These financialstatements are the responsibility of the Partnership’s management. Ourresponsibility is to express an opinion on these financial statements based onour audits.

 

We conducted our audits in accordance with auditing standards generallyaccepted in the United States of America. Those standards require that we planand perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of *WoodfieldCommons Limited Partnership,*as of December 31, 2001 and 2000, andthe results of its operations, changes in partners’ equity, and cash flows forthe years then ended in conformity with accounting principles generallyaccepted in the United States of America.

 

Our audits were made for the purpose of forming an opinion on the basicfinancial statements taken as a whole. The supplementary information on page 12is presented for purposes of additional analysis and is not a required part ofthe basic financial statements. Such information has been subjected to theauditing procedures applied in the audits of the basic financial statementsand, in our opinion, is fairly stated in all material respects in relation tothe basic financial statements taken as a whole.

 

 

STEINESSEN, SCHLEGEL & CO., LLC

Eau Claire, WI

January 9, 2002

 

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